SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 2-96924

AMANA MUTUAL FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

1300 N. State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices, including ZIP Code)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

Registrant’s Telephone Number – (360) 734-9900 Ext. 1804

Date of fiscal year end: May 31, 2025

Date of reporting period: November 30, 2024

Explanatory Note: The Registrant is filing this amendment to its Form N-CSRS (the “Amendment”) for the period ended November 30, 2024 originally filed with the Securities and Exchange Commission on January 29, 2025 (Accession Number 0000766285-25-000008). The sole purpose of the Amendment is to correct the Renewal of Investment Advisory Contract.

Except as set forth above, the Amendment does not amend, update or change any other items or disclosures found in the Original Filing.

Item 1. Report to Shareowners

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/developing-world-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$45	0.89%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	14.68%	6.91%	2.80%
MSCI Emerging Markets Index	11.86%	3.20%	3.16%

Key Fund Statistics

Total Net Assets	$131,175,798
# of Portfolio Holdings	40
Advisory Fees Paid	$526,157
Portfolio Turnover Rate	1%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/developing-world-fund for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Semiconductor Devices	12.9%
Personal Care Products	12.3%
Health Care Facilities	6.2%
Semiconductor Manufacturing	6.2%
Food & Drug Stores	6.0%
Electronics Components	4.9%
Communications Equipment	3.6%
Other Machinery & Equipment	3.1%
Base Metals	3.0%
Electronic Manufacturing Services & Original Design Manufacturer	3.0%
Other Industries	30.8%
Other Assets (net of liabilities)	8.0%

Geographic Weightings

% of Total Net Assets

United States	18.8%
Taiwan	10.5%
India	7.7%
Malaysia	7.4%
Turkey	5.1%
Philippines	4.7%
South Korea	4.0%
South Africa	3.2%
Brazil	3.1%
Peru	3.0%
Other Countries	32.5%

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

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AMDWX

| INVESTOR SHARES

Amana Developing World Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$56	1.12%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	14.48%	6.69%	2.58%
MSCI Emerging Markets Index	11.86%	3.20%	3.16%

Key Fund Statistics

Total Net Assets	$131,175,798
# of Portfolio Holdings	40
Advisory Fees Paid	$526,157
Portfolio Turnover Rate	1%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Semiconductor Devices	12.9%
Personal Care Products	12.3%
Health Care Facilities	6.2%
Semiconductor Manufacturing	6.2%
Food & Drug Stores	6.0%
Electronics Components	4.9%
Communications Equipment	3.6%
Other Machinery & Equipment	3.1%
Base Metals	3.0%
Electronic Manufacturing Services & Original Design Manufacturer	3.0%
Other Industries	30.8%
Other Assets (net of liabilities)	8.0%

Geographic Weightings

% of Total Net Assets

United States	18.8%
Taiwan	10.5%
India	7.7%
Malaysia	7.4%
Turkey	5.1%
Philippines	4.7%
South Korea	4.0%
South Africa	3.2%
Brazil	3.1%
Peru	3.0%
Other Countries	32.5%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

This page is intentionally left blank.

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$31	0.60%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	23.76%	16.81%	14.80%
S&P 500 Index	33.89%	15.75%	13.33%

Key Fund Statistics

Total Net Assets	$5,667,104,516
# of Portfolio Holdings	33
Advisory Fees Paid	$16,234,814
Portfolio Turnover Rate	2%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/growth-fund for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	13.4%
Infrastructure Software	11.3%
Semiconductor Devices	10.8%
Communications Equipment	9.3%
Semiconductor Manufacturing	7.7%
Application Software	6.2%
Commercial & Residential Building Equipment & Systems	5.9%
Measurement Instruments	4.7%
Internet Media & Services	4.0%
Specialty Apparel Stores	2.6%
Other Industries	18.5%
Other Assets (net of liabilities)	5.6%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

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AMAGX

| INVESTOR SHARES

Amana Growth Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$44	0.85%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	23.46%	16.53%	14.53%
S&P 500 Index	33.89%	15.75%	13.33%

Key Fund Statistics

Total Net Assets	$5,667,104,516
# of Portfolio Holdings	33
Advisory Fees Paid	$16,234,814
Portfolio Turnover Rate	2%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/growth-fund for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	13.4%
Infrastructure Software	11.3%
Semiconductor Devices	10.8%
Communications Equipment	9.3%
Semiconductor Manufacturing	7.7%
Application Software	6.2%
Commercial & Residential Building Equipment & Systems	5.9%
Measurement Instruments	4.7%
Internet Media & Services	4.0%
Specialty Apparel Stores	2.6%
Other Industries	18.5%
Other Assets (net of liabilities)	5.6%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

This page is intentionally left blank.

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$39	0.75%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	21.12%	12.05%	10.16%
S&P 500 Index	33.89%	15.75%	13.33%

Key Fund Statistics

Total Net Assets	$1,979,026,636
# of Portfolio Holdings	32
Advisory Fees Paid	$7,099,058
Portfolio Turnover Rate	2%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/income-fund for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	17.1%
Infrastructure Software	8.6%
Personal Care Products	7.7%
Semiconductor Manufacturing	7.7%
Industrial Wholesale & Rental	6.9%
Semiconductor Devices	5.0%
Basic & Diversified Chemicals	4.9%
Measurement Instruments	4.5%
Diversified Industrials	4.2%
Automotive Retailers	2.4%
Other Industries	23.8%
Other Assets (net of liabilities)	7.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

This page is intentionally left blank.

AMANX

| INVESTOR SHARES

Amana Income Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$52	1.00%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	20.82%	11.81%	9.90%
S&P 500 Index	33.89%	15.75%	13.33%

Key Fund Statistics

Total Net Assets	$1,979,026,636
# of Portfolio Holdings	32
Advisory Fees Paid	$7,099,058
Portfolio Turnover Rate	2%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/income-fund for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	17.1%
Infrastructure Software	8.6%
Personal Care Products	7.7%
Semiconductor Manufacturing	7.7%
Industrial Wholesale & Rental	6.9%
Semiconductor Devices	5.0%
Basic & Diversified Chemicals	4.9%
Measurement Instruments	4.5%
Diversified Industrials	4.2%
Automotive Retailers	2.4%
Other Industries	23.8%
Other Assets (net of liabilities)	7.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

This page is intentionally left blank.

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/participation-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$28	0.55%

Annual Average Total Return

	1 Year	5 Year	Since Inception
Institutional Shares	6.48%	1.62%	2.16%
FTSE IdealRatings Sukuk Index	6.86%	2.16%	3.20%

Key Fund Statistics

Total Net Assets	$216,795,122
# of Portfolio Holdings	48
Advisory Fees Paid	$524,749
Portfolio Turnover Rate	8%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/participation-fund for more recent performance information.

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Financials	37.5%
Government	14.9%
Real Estate	12.2%
Utilities	9.4%
Communications	6.6%
Industrials	5.3%
Bank Time Deposits	3.7%
Energy	3.1%
Consumer Staples	2.1%
Other Assets (net of liabilities)	5.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

This page is intentionally left blank.

AMAPX

| INVESTOR SHARES

Amana Participation Fund

Semi-Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$40	0.79%

Annual Average Total Return

	1 Year	5 Year	Since Inception
Investor Shares	6.34%	1.37%	1.92%
FTSE IdealRatings Sukuk Index	6.86%	2.16%	3.20%

Key Fund Statistics

Total Net Assets	$216,795,122
# of Portfolio Holdings	48
Advisory Fees Paid	$524,749
Portfolio Turnover Rate	8%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/participation-fund for more recent performance information.

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Financials	37.5%
Government	14.9%
Real Estate	12.2%
Utilities	9.4%
Communications	6.6%
Industrials	5.3%
Bank Time Deposits	3.7%
Energy	3.1%
Consumer Staples	2.1%
Other Assets (net of liabilities)	5.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

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Item 2. Code of Ethics

Registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Registrant’s website at https://www.saturna.com/code-ethics. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a) The Schedule of Investments is fully answered in Item 7.

(b) Not applicable

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table

Contents:

Morningstar

Ratings

Amana

Income

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Growth

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Developing

World

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Participation

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Note

Organization

Note

Unaudited

Information

Note

Significant

Accounting

Policies

Note

Transactions

with

Affiliated

Persons

Note

Distributions

Shareowners

Note

Federal

Income

Taxes

Note

Investments

Note

Custodian

Note

Subsequent

Events

Form

N-CSR

Items

8-11

Renewal

Investment

Advisory

Contract

Summary

Information

November

30,

2024

N-CSRS

Morningstar

Ratings

(as

November

30,

2024)

The

Morningstar

Sustainability

Rating

and

the

Morningstar

Portfolio

Sustainability

Score

are

not

based

fund

performance

and

are

not

equivalent

the

Morningstar

Rating

("Star

Rating").

2024

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

proprietary

Morningstar

and/or

its

content

providers;

(2)

may

not

copied

distributed;

and

(3)

not

warranted

accurate,

complete,

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

losses

arising

from

any

use

this

information.

Morningstar

Ratings™

("Star

Ratings")

are

November

30,

2024.

The

Morningstar

Rating™

for

funds,

"star

rating",

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

least

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

single

population

for

comparative

purposes.

calculated

based

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

managed

product's

monthly

excess

performance

(not

including

the

effects

sales

charges,

loads,

and

redemption

fees),

placing

emphasis

downward

variations

and

rewarding

consistent

performance.

The

top

10%

products

each

product

category

receive

stars,

the

22.5%

receive

stars,

the

35%

receive

stars,

the

22.5%

receive

stars,

and

the

bottom

10%

receive

star.

The

Overall

Morningstar

Rating

for

managed

product

derived

from

weighted

average

the

performance

figures

associated

with

its

three-,

five-,

and

10-year

(if

applicable)

Morningstar

Rating

metrics.

The

weights

are:

100%

three-year

rating

for

36-59

months

total

returns,

60%

five-year

rating/40%

three-year

rating

for

60-119

months

total

returns,

and

50%

10-year

rating/30%

five-year

rating/20%

three-year

rating

for

120

months

total

returns.

While

the

10-year

overall

star

rating

formula

seems

give

the

most

weight

the

10-year

period,

the

most

recent

three-year

period

actually

has

the

greatest

impact

because

included

all

three

rating

periods.

Morningstar

Sustainability

Ratings

are

October

31,

2024.

The

Morningstar

Sustainability

Rating™

intended

measure

how

well

the

issuing

companies

the

securities

within

fund’s

portfolio

are

managing

their

environmental,

social,

and

governance

(“ESG”)

risks

and

opportunities

relative

the

fund’s

Morningstar

category

peers.

The

Morningstar

Sustainability

Rating

calculation

two-step

process.

First,

each

fund

with

least

50%

assets

covered

company-level

ESG

score

from

Sustainalytics

receives

Morningstar

Portfolio

Sustainability

Score™.

The

Morningstar

Portfolio

Sustainability

Score

asset-weighted

average

normalized

company-level

ESG

scores

with

deductions

made

for

controversial

incidents

the

issuing

companies,

such

environmental

accidents,

fraud,

discriminatory

behavior.

The

Morningstar

Sustainability

Rating

then

assigned

all

scored

funds

within

Morningstar

Category

with

least

scored

funds;

therefore,

the

rating

not

limited

funds

with

explicit

sustainable

responsible

investment

mandates.

Morningstar

updates

its

Sustainability

Ratings

monthly.

Portfolios

receive

Morningstar

Portfolio

Sustainability

Score

and

Sustainability

Rating

one

month

and

six

business

days

after

their

reported

as-of

date

based

the

most

recent

portfolio.

part

the

evaluation

process,

Morningstar

uses

Sustainalytics’

ESG

scores

from

the

same

month

the

portfolio

as-of

date.

The

Fund’s

portfolios

are

actively

managed

and

subject

change,

which

may

result

different

Morningstar

Sustainability

Score

and

Rating

each

month.

Amana

Growth

Fund

and

Amana

Developing

World

Fund

were

each

rated

100%

Assets

Under

Management.

Amana

Income

Fund

was

rated

98%

Assets

Under

Management.

Amana

Participation

Fund

was

rated

91%

Assets

Under

Management.

Rank

Category

the

fund’s

percentile

rank

for

the

specified

time

period

relative

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

and

the

lowest

(or

least

favorable)

percentile

rank

100.

The

top-

performing

fund

category

will

always

receive

rank

Percentile

ranks

within

Category

Investor

(AMANX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMINX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,383

1,276

1,174

885

698

1,276

3,709

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

(AMAGX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIGX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,089

1,020

955

751

586

1,020

1,573

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

(AMDWX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMIDX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

789

705

631

426

216

705

1,785

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

(AMAPX)

n/a



n/a



Rank

Category

n/a

Institutional

(AMIPX)

n/a



n/a



Rank

Category

n/a

Number

Funds

Category

165

164

151

123

164

2,384

November

30,

2024

N-CSRS

Morningstar

Ratings

(as

December

31,

2024)

Morningstar

ratings

represented

unshaded

stars

are

based

extended

performance.

These

extended

performance

ratings

are

based

the

historical

adjusted

returns

prior

the

inception

date

the

Institutional

and

reflect

the

historical

performance

the

Investor

Shares,

adjusted

reflect

the

fees

and

expenses

the

Institutional

Shares.

Morningstar

Carbon

Metrics

(as

October

31,

2024)

Morningstar

carbon

metrics

are

asset-weighted

portfolio

calculations

based

their

Sustainalytics

subsidiary's

carbon-risk

research.

Based

two

these

metrics

–

Carbon

Risk

Score

and

Fossil

Fund

Involvement

–

funds

may

receive

the

Low

Carbon

designation,

which

allows

investors

easily

identify

low-carbon

funds

within

the

global

universe.

The

portfolio

Carbon

Risk

Score

number

between

and

100

lower

score

better).

portfolio's

Carbon

Risk

Score

the

asset-weighted

sum

the

carbon

risk

scores

its

holdings,

averaged

over

the

trailing

months.

The

carbon

risk

company

Sustainalytics'

evaluation

the

degree

which

firm's

activities

and

products

are

aligned

with

the

transition

low-carbon

economy.

The

assessment

includes

carbon

intensity,

fossil

fuel

involvement,

stranded

assets

exposure,

mitigation

strategies,

and

green

product

solutions.

Fossil

Fuel

Involvement

the

portfolio's

asset-weighted

percentage

exposure

fossil

fuels,

averaged

over

the

trailing

months.

Companies

with

fossil

fuel

involvement

are

defined

those

the

following

subindustries:

Thermal

Coal

Extraction,

Thermal

Coal

Power

Generation,

Oil

Gas

Production,

Oil

Gas

Power

Generation,

and

Oil

Gas

Products

Services.

receive

the

Low

Carbon

designation

fund

must

have

Carbon

Risk

Score

below

and

Fossil

Fuel

Involvement

less

than

assets.

For

these

metrics

calculated,

least

67%

portfolio's

assets

must

covered

Sustainalytics

company

carbon-risk

research.

All

Morningstar

carbon

metrics

are

calculated

quarterly.

Amana

Income

Fund

was

rated

98%

assets

under

management.

Amana

Growth

and

Amana

Developing

World

Funds

were

rated

100%

assets

under

management.

Amana

Participation

Fund

was

rated

91%

assets

under

management.

November

30,

2024,

the

Amana

Income,

Amana

Growth,

and

Amana

Developing

World

Funds

had

not

received

12-month

average

fossil

fuel

exposure

rating.

Morningstar™

Ratings

Year

Overall

Amana

Income

Fund

–

“Large

Blend”

Category

Investor

(AMANX)

n/a



n/a



Rank

Category

n/a

Institutional

(AMINX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,386

1,280

1,180

889

704

1,280

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

(AMAGX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIGX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,088

1,020

952

748

587

1,020

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

(AMDWX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMIDX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

787

707

632

430

219

707

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

(AMAPX)

n/a



n/a



Rank

Category

n/a

Institutional

(AMIPX)

n/a



n/a



Rank

Category

n/a

Number

Funds

Category

165

164

152

123

164

Amana

Income

Fund

Amana

Growth

Fund

Amana

Developing

World

Fund

Schedule

Investments

November

30,

2024

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Continued

page.

Common

Stock

Number

Cost

Market

Value

Percentage

Net

Assets

Consumer

Discretionary

Automotive

Retailers

Genuine

Parts

382,000

15,016,749

48,410,860

2.4%

Consumer

Staples

Household

Products

Procter

Gamble

250,000

34,077,472

44,815,000

2.3%

Packaged

Food

McCormick

559,288

13,161,835

43,853,772

2.2%

Personal

Care

Products

Colgate-Palmolive

450,000

18,061,325

43,483,500

2.2%

Kenvue

1,675,000

34,061,723

40,334,000

2.0%

Kimberly-Clark

300,000

22,709,515

41,805,000

2.1%

Unilever

ADR

475,000

17,206,628

28,424,000

1.4%

92,039,191

154,046,500

7.7%

139,278,498

242,715,272

12.2%

Health

Care

Biotech

Amgen

136,710

33,262,372

38,671,158

2.0%

Large

Pharma

AbbVie

100,000

2,803,208

18,293,000

0.9%

Eli

Lilly

299,475

10,247,346

238,187,441

12.0%

Johnson

165,000

19,251,626

25,576,650

1.3%

Merck

123,000

15,683,886

12,501,720

0.6%

Novartis

ADR

295,400

15,552,802

31,244,458

1.6%

Pfizer

488,500

8,154,101

12,803,585

0.7%

71,692,969

338,606,854

17.1%

Medical

Devices

Abbott

Laboratories

350,000

8,392,885

41,569,500

2.1%

113,348,226

418,847,512

21.2%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

550,000

34,796,048

46,123,000

2.3%

Courier

Services

United

Parcel

Service,

Class

260,000

45,172,384

35,287,200

1.8%

Diversified

Industrials

Illinois

Tool

Works

300,000

14,672,460

83,256,000

4.2%

Electrical

Power

Equipment

Eaton

110,000

20,458,947

41,296,200

2.1%

Industrial

Wholesale

Rental

Ferguson

Enterprises

185,000

37,090,424

39,947,050

2.0%

W.W.

Grainger

80,000

7,590,798

96,427,200

4.9%

44,681,222

136,374,250

6.9%

Measurement

Instruments

Rockwell

Automation

300,000

13,657,124

88,542,000

4.5%

Rail

Freight

Canadian

National

Railway

384,000

8,600,818

42,888,960

2.1%

182,039,003

473,767,610

23.9%

Schedule

Investments

November

30,

2024

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Common

Stock

92.8%

Number

Cost

Market

Value

Percentage

Net

Assets

Materials

Basic

Diversified

Chemicals

Air

Products

Chemicals

110,000

6,424,723

36,776,300

1.9%

Linde

130,000

8,531,143

59,928,700

3.0%

14,955,866

96,705,000

4.9%

Specialty

Chemicals

PPG

Industries

379,000

12,758,054

47,136,230

2.4%

27,713,920

143,841,230

7.3%

Technology

Communications

Equipment

Cisco

Systems

750,000

34,718,422

44,407,500

2.3%

Consumer

Electronics

Nintendo

750,000

36,514,433

43,850,513

2.2%

Infrastructure

Software

Microsoft

400,000

7,953,170

169,384,000

8.6%

Semiconductor

Devices

Broadcom

300,000

34,949,114

48,624,000

2.5%

Texas

Instruments

250,000

38,489,292

50,257,500

2.5%

73,438,406

98,881,500

5.0%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

824,500

8,249,619

152,252,170

7.7%

160,874,050

508,775,683

25.8%

Total

investments

$638,270,446

1,836,358,167

92.8%

Other

assets

(net

liabilities)

142,668,469

7.2%

Total

net

assets

1,979,026,636

100.0%

ADR:

American

Depositary

Receipt

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$638,270,446)

1,836,358,167

Cash

140,498,004

Dividends

receivable

3,785,297

Receivable

for

Fund

sold

210,565

Prepaid

expenses

22,159

Total

assets

1,980,874,192

Liabilities

Accrued

advisory

fees

1,170,108

Payable

for

Fund

redeemed

385,575

Accrued

12b-1

distribution

fees

178,587

Accrued

retirement

plan

custody

fee

56,569

Accrued

legal

expenses

5,658

Accrued

audit

expenses

5,331

Accrued

Chief

Compliance

Officer

expenses

5,061

Accrued

trustee

expenses

3,220

Accrued

other

operating

expenses

37,447

Total

liabilities

1,847,556

Net

assets

$1,979,026,636

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$663,353,785

Total

distributable

earnings

1,315,672,851

Net

assets

applicable

Fund

outstanding

$1,979,026,636

Net

asset

value

per

Investor

AMANX

Net

assets,

value

$878,793,340

outstanding

12,593,242

Net

asset

value,

offering

and

redemption

price

per

$69.78

Net

asset

value

per

Institutional

AMINX

Net

assets,

value

$1,100,233,296

outstanding

15,937,567

Net

asset

value,

offering

and

redemption

price

per

$69.03

Period

ended

November

30,

2024

Investment

income

Dividend

Income

(Net

foreign

tax

$296,385)

16,094,340

Miscellaneous

income

1,148

Total

investment

income

16,095,488

Expenses

Investment

advisory

fees

7,099,058

12b-1

distribution

fees

1,092,661

Custodian

fees

43,699

ReFlow

fees

42,226

Retirement

plan

custodial

fees

32,692

125

Investor

173

150

Institutional

32,519

Filing

and

registration

fees

28,383

Audit

fees

24,874

Chief

Compliance

Officer

expenses

16,228

Legal

fees

10,068

Trustee

fees

9,235

Other

operating

expenses

63,362

Total

gross

expenses

8,462,486

Less

custodian

fee

credits

(43,699)

Net

expenses

8,418,787

Net

investment

income

$7,676,701

Net

realized

gain

from

investments

and

foreign

currency

$44,090,089

Net

ncrease

unrealized

appreciation

investments

and

foreign

currency

79,811,061

Net

gain

investments

123,901,150

Net

increase

net

assets

resulting

from

operations

$131,577,851

Includes

$13,742,445

net

realized

gains

from

redemptions

in-kind

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statements

Changes

Net

Assets

Period

ended

November

30,

2024

Year

ended

May

31,

2024

Increase

net

assets

from

operations

From

operations

Net

investment

income

$7,676,701

$17,097,751

Net

realized

gain

investments

and

foreign

currency

44,090,089

109,115,389

Net

increase

unrealized

appreciation

investments

and

foreign

currency

79,811,061

185,124,533

Net

increase

net

assets

131,577,851

311,337,673

Distributions

shareowners

from

125

Net

dividend

and

distribution

shareholders

Investor

–

(39,617,273)

150

Net

dividend

and

distribution

shareholders

Institutional

–

(49,306,364)

Total

distributions

–

(88,923,637)

Capital

transactions

Proceeds

from

the

sale

125

Investor

33,170,282

65,597,644

150

Institutional

106,208,388

140,060,628

Value

issued

reinvestment

dividends

and

distributions

125

Investor

–

38,327,596

150

Institutional

–

47,465,741

Cost

redeemed

125

Investor

(52,752,399)

(115,814,293)

150

Institutional

(97,691,187)

(114,726,119)

Total

capital

transactions

(11,064,916)

60,911,197

Total

increase

net

assets

120,512,935

283,325,233

Net

assets

Beginning

period

1,858,513,701

1,575,188,468

End

period

$1,979,026,636

$1,858,513,701

the

Fund

sold

and

redeemed

Investor

(AMANX)

Number

sold

486,011

1,063,460

Number

issued

reinvestment

dividends

and

distributions

–

641,057

Number

redeemed

(770,429)

(1,874,466)

Net

decrease

number

outstanding

(284,418)

(169,949)

Institutional

(AMINX)

Number

sold

1,570,918

2,288,062

Number

issued

reinvestment

dividends

and

distributions

–

802,660

Number

redeemed

(1,442,902)

(1,877,019)

Net

increase

number

outstanding

128,016

1,213,703

–

Amana

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Investor

(AMANX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$65.21

$57.31

$59.34

$61.52

$50.03

$48.32

Income

from

investment

operations

Net

investment

income

0.22

0.53

0.59

0.58

0.67

Net

gains

securities

(both

realized

and

unrealized)

4.35

10.49

1.91

0.37

14.53

5.17

Total

from

investment

operations

4.57

11.02

2.50

0.96

15.11

5.84

Less

distributions

Dividends

(from

net

investment

income)

–

(0.51)

(0.55)

(0.56)

(0.66)

Distributions

(from

capital

gains)

–

(2.61)

(3.98)

(2.59)

(3.06)

(3.47)

Total

distributions

–

(3.12)

(4.53)

(3.14)

(3.62)

(4.13)

Net

asset

value

end

period

$69.78

$65.21

$57.31

$59.34

$61.52

$50.03

Total

Return

6.99%

19.75%

4.35%

1.16%

30.87%

11.77%

Ratios

supplemental

data

Net

assets

($000),

end

period

$878,793

$839,814

$747,787

$746,534

$841,439

$735,565

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.00%

1.01%

1.02%

1.01%

1.04%

1.06%

After custodian

fee

credits

1.00%

1.02%

1.01%

1.04%

1.06%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.65%

0.86%

1.03%

0.94%

1.03%

1.31%

Portfolio

turnover

rate

10%

Institutional

(AMINX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$64.44

$56.69

$58.79

$61.04

$49.72

$48.12

Income

from

investment

operations

Net

investment

income

0.30

0.67

0.72

0.74

0.71

0.78

Net

gains

securities

(both

realized

and

unrealized)

4.29

10.38

1.90

0.37

14.42

5.13

Total

from

investment

operations

4.59

11.05

2.62

1.11

15.13

5.91

Less

distributions

Dividends

(from

net

investment

income)

–

(0.69)

(0.74)

(0.77)

(0.75)

(0.84)

Distributions

(from

capital

gains)

–

(2.61)

(3.98)

(2.59)

(3.06)

(3.47)

Total

distributions

–

(3.30)

(4.72)

(3.36)

(3.81)

(4.31)

Net

asset

value

end

period

$69.03

$64.44

$56.69

$58.79

$61.04

$49.72

Total

Return

7.12%

20.05%

4.61%

1.40%

31.14%

11.96%

Ratios

supplemental

data

Net

assets

($000),

end

period

$1,100,233

$1,018,700

$827,401

$788,724

$703,695

$533,239

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.76%

0.78%

0.77%

0.80%

0.83%

After custodian

fee

credits

0.75%

0.76%

0.77%

0.79%

0.82%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.90%

1.11%

1.27%

1.19%

1.27%

1.55%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Schedule

Investments

November

30,

2024

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Continued

page.

Common

Stock

Number

Cost

Market

Value

Percentage

Net

Assets

Communications

Internet

Media

Services

Alphabet,

Class

1,345,000

161,823,354

227,237,750

4.0%

Consumer

Discretionary

Automotive

Retailers

AutoZone

40,000

98,870,262

126,781,600

2.2%

Home

Products

Stores

Lowe's

400,000

8,620,300

108,972,000

1.9%

Specialty

Apparel

Stores

TJX

Companies

1,150,000

12,679,185

144,543,500

2.6%

120,169,747

380,297,100

6.7%

Consumer

Staples

Household

Products

Procter

Gamble

640,000

106,667,904

114,726,400

2.0%

Personal

Care

Products

Church

Dwight

1,171,300

20,995,227

128,995,269

2.3%

127,663,131

243,721,669

4.3%

Health

Care

Large

Pharma

AbbVie

560,000

108,940,146

102,440,800

1.8%

AstraZeneca

ADR

1,590,000

107,739,591

107,515,800

1.9%

Eli

Lilly

320,510

11,029,385

254,917,628

4.5%

Merck

800,000

85,929,228

81,312,000

1.4%

Novo

Nordisk

ADR

2,003,200

7,663,671

213,941,760

3.8%

321,302,021

760,127,988

13.4%

Life

Science

Diagnostics

Agilent

Technologies

895,850

16,257,273

123,600,425

2.2%

Medical

Devices

Stryker

300,000

15,657,168

117,645,000

2.1%

353,216,462

1,001,373,413

17.7%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

2,000,000

104,457,808

167,720,000

3.0%

Trane

400,000

66,621,870

166,488,000

2.9%

171,079,678

334,208,000

5.9%

Electrical

Power

Equipment

Schneider

Electric

400,000

101,566,238

102,994,860

1.8%

Measurement

Instruments

Keysight

Technologies

860,000

63,733,901

146,922,400

2.6%

Trimble

1,665,000

26,578,159

121,495,050

2.1%

90,312,060

268,417,450

4.7%

Metalworking

Machinery

Lincoln

Electric

Holdings

268,920

5,947,784

58,753,642

1.0%

Rail

Freight

Union

Pacific

310,275

24,763,628

75,911,881

1.4%

393,669,388

840,285,833

14.8%

Schedule

Investments

November

30,

2024

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Common

Stock

94.4%

Number

Cost

Market

Value

Percentage

Net

Assets

Technology

Application

Software

Adobe

320,600

10,572,380

165,407,158

2.9%

Intuit

285,600

9,926,412

183,278,088

3.3%

20,498,792

348,685,246

6.2%

Communications

Equipment

Apple

1,974,750

1,510,016

468,667,417

8.3%

Cisco

Systems

966,450

17,754,442

57,223,505

1.0%

19,264,458

525,890,922

9.3%

Infrastructure

Software

Microsoft

660,000

205,627,703

279,483,600

4.9%

Oracle

900,000

39,381,679

166,356,000

3.0%

ServiceNow

185,000

99,581,103

194,146,400

3.4%

344,590,485

639,986,000

11.3%

Services

Gartner

179,900

6,185,085

93,175,607

1.6%

Semiconductor

Devices

Advanced

Micro

Devices

1,200,000

59,033,683

164,610,000

2.9%

Broadcom

1,100,000

110,696,976

178,288,000

3.1%

Nvidia

1,950,000

133,180,317

269,587,500

4.8%

302,910,976

612,485,500

10.8%

Semiconductor

Manufacturing

ASML

Holding

308,000

10,937,644

211,475,880

3.7%

Taiwan

Semiconductor

ADR

1,210,921

12,693,436

223,608,672

4.0%

23,631,080

435,084,552

7.7%

717,080,876

2,655,307,827

46.9%

Total

investments

$1,873,622,958

5,348,223,592

94.4%

Other

assets

(net

liabilities)

318,880,924

5.6%

Total

net

assets

5,667,104,516

100.0%

Non-income

producing

ADR:

American

Depositary

Receipt

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$1,873,622,958)

5,348,223,592

Cash

319,908,908

Dividends

receivable

2,878,718

Receivable

for

Fund

sold

1,229,491

Prepaid

expenses

47,188

Total

assets

5,672,287,897

Liabilities

Accrued

advisory

fees

2,677,755

Payable

for

Fund

redeemed

1,757,975

Accrued

12b-1

distribution

fees

550,536

Accrued

retirement

plan

custody

fee

87,891

Accrued

legal

expenses

10,688

Accrued

trustee

expenses

10,304

Accrued

Chief

Compliance

Officer

expenses

7,320

Accrued

other

operating

expenses

80,912

Total

liabilities

5,183,381

Net

assets

$5,667,104,516

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$1,953,172,756

Total

distributable

earnings

3,713,931,760

Net

assets

applicable

Fund

outstanding

$5,667,104,516

Net

asset

value

per

Investor

AMAGX

Net

assets,

value

$2,698,722,129

outstanding

32,158,871

Net

asset

value,

offering

and

redemption

price

per

$83.92

Net

asset

value

per

Institutional

AMIGX

Net

assets,

value

$2,968,382,387

outstanding

35,105,648

Net

asset

value,

offering

and

redemption

price

per

$84.56

Period

ended

November

30,

2024

Investment

income

Dividend

Income

(Net

foreign

tax

$649,209)

21,058,286

Miscellaneous

income

(9,940)

Total

investment

income

21,048,346

Expenses

Investment

advisory

fees

16,234,814

12b-1

distribution

fees

3,351,625

Custodian

fees

123,436

ReFlow

fees

103,986

Filing

and

registration

fees

73,151

Retirement

plan

custodial

fees

50,388

225

Investor

172

250

Institutional

50,216

Audit

fees

45,986

Chief

Compliance

Officer

expenses

43,560

Trustee

fees

29,079

Legal

fees

26,753

Other

operating

expenses

165,555

Total

gross

expenses

20,248,333

Less

custodian

fee

credits

(123,436)

Net

expenses

20,124,897

Net

investment

income

$923,449

Net

realized

gain

from

investments

and

foreign

currency

$24,350,806

Net

ncrease

unrealized

appreciation

investments

and

foreign

currency

369,745,190

Net

gain

investments

394,095,996

Net

increase

net

assets

resulting

from

operations

$395,019,445

Includes

$51,639,866

net

realized

gains

from

redemptions

in-kind

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statements

Changes

Net

Assets

Period

ended

November

30,

2024

Year

ended

May

31,

2024

Increase

net

assets

from

operations

From

operations

Net

investment

income

$923,449

$9,357,997

Net

realized

gain

investments

and

foreign

currency

24,350,806

240,318,416

Net

increase

unrealized

appreciation

investments

and

foreign

currency

369,745,190

788,446,787

Net

increase

net

assets

395,019,445

1,038,123,200

Distributions

shareowners

from

225

Net

dividend

and

distribution

shareholders

Investor

–

(14,498,999)

250

Net

dividend

and

distribution

shareholders

Institutional

–

(18,959,927)

Total

distributions

–

(33,458,926)

Capital

transactions

Proceeds

from

the

sale

225

Investor

191,741,040

492,993,115

250

Institutional

361,756,764

664,241,837

Value

issued

reinvestment

dividends

and

distributions

225

Investor

–

13,941,611

250

Institutional

–

18,285,747

Cost

redeemed

225

Investor

(208,075,327)

(334,959,259)

250

Institutional

(298,510,318)

(458,432,950)

Total

capital

transactions

46,912,159

396,070,101

Total

increase

net

assets

441,931,604

1,400,734,375

Net

assets

Beginning

period

5,225,172,912

3,824,438,537

End

period

$5,667,104,516

$5,225,172,912

the

Fund

sold

and

redeemed

Investor

(AMAGX)

Number

sold

2,326,726

6,950,130

Number

issued

reinvestment

dividends

and

distributions

–

196,666

Number

redeemed

(2,531,192)

(4,695,664)

Net

increase

(decrease)

number

outstanding

(204,466)

2,451,132

Institutional

(AMIGX)

Number

sold

4,377,255

9,379,438

Number

issued

reinvestment

dividends

and

distributions

–

256,606

Number

redeemed

(3,606,727)

(6,539,327)

Net

increase

number

outstanding

770,528

3,096,717

–

Amana

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Investor

(AMAGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$78.08

$62.36

$60.47

$61.17

$45.39

$39.31

Income

from

investment

operations

Net

investment

income

(0.04)

0.06

0.12

0.05

0.10

0.15

Net

gains

(losses)

securities

(both

realized

and

unrealized)

5.88

16.12

3.86

(0.37)

18.74

7.33

Total

from

investment

operations

5.84

16.18

3.98

(0.32)

18.84

7.48

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.10)

(0.05)

(0.13)

(0.16)

Distributions

(from

capital

gains)

–

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

–

(0.46)

(2.09)

(0.38)

(3.06)

(1.40)

Net

asset

value

end

period

$83.92

$78.08

$62.36

$60.47

$61.17

$45.39

Total

Return

7.48%

26.03%

6.83%

(0.62)%

42.16%

19.12%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,698,722

$2,527,041

$1,865,385

$1,684,412

$1,735,349

$1,303,469

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.85%

0.87%

0.91%

0.96%

1.02%

After custodian

fee

credits

0.85%

0.87%

0.91%

0.90%

0.96%

1.02%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

(0.10)%

0.09%

0.21%

0.09%

0.19%

0.36%

Portfolio

turnover

rate

10%

Institutional

(AMIGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$78.58

$62.71

$60.80

$61.50

$45.60

$39.49

Income

from

investment

operations

Net

investment

income

0.07

0.23

0.27

0.22

0.24

0.28

Net

gains

(losses)

securities

(both

realized

and

unrealized)

5.91

16.23

3.88

(0.38)

18.84

7.34

Total

from

investment

operations

5.98

16.46

4.15

(0.16)

19.08

7.62

Less

distributions

Dividends

(from

net

investment

income)

–

(0.24)

(0.25)

(0.21)

(0.25)

(0.27)

Distributions

(from

capital

gains)

–

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

–

(0.59)

(2.24)

(0.54)

(3.18)

(1.51)

Net

asset

value

end

period

$84.56

$78.58

$62.71

$60.80

$61.50

$45.60

Total

Return

7.61%

26.34%

7.09%

(0.40)%

42.53%

19.39%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,968,382

$2,698,132

$1,959,054

$1,489,810

$1,291,092

$859,154

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.61%

0.62%

0.67%

0.64%

0.71%

0.79%

After custodian

fee

credits

0.60%

0.62%

0.66%

0.64%

0.71%

0.78%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.15%

0.33%

0.46%

0.32%

0.43%

0.60%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Amana

Growth

Fund:

Financial

Highlights

Investor

(AMAGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$78.08

$62.36

$60.47

$61.17

$45.39

$39.31

Income

from

investment

operations

Net

investment

income

(0.04)

0.06

0.12

0.05

0.10

0.15

Net

gains

(losses)

securities

(both

realized

and

unrealized)

5.88

16.12

3.86

(0.37)

18.74

7.33

Total

from

investment

operations

5.84

16.18

3.98

(0.32)

18.84

7.48

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.10)

(0.05)

(0.13)

(0.16)

Distributions

(from

capital

gains)

–

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

–

(0.46)

(2.09)

(0.38)

(3.06)

(1.40)

Net

asset

value

end

period

$83.92

$78.08

$62.36

$60.47

$61.17

$45.39

Total

Return

7.48%

26.03%

6.83%

(0.62)%

42.16%

19.12%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,698,722

$2,527,041

$1,865,385

$1,684,412

$1,735,349

$1,303,469

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.85%

0.87%

0.91%

0.96%

1.02%

After custodian

fee

credits

0.85%

0.87%

0.91%

0.90%

0.96%

1.02%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

(0.10)%

0.09%

0.21%

0.09%

0.19%

0.36%

Portfolio

turnover

rate

10%

Institutional

(AMIGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$78.58

$62.71

$60.80

$61.50

$45.60

$39.49

Income

from

investment

operations

Net

investment

income

0.07

0.23

0.27

0.22

0.24

0.28

Net

gains

(losses)

securities

(both

realized

and

unrealized)

5.91

16.23

3.88

(0.38)

18.84

7.34

Total

from

investment

operations

5.98

16.46

4.15

(0.16)

19.08

7.62

Less

distributions

Dividends

(from

net

investment

income)

–

(0.24)

(0.25)

(0.21)

(0.25)

(0.27)

Distributions

(from

capital

gains)

–

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

–

(0.59)

(2.24)

(0.54)

(3.18)

(1.51)

Net

asset

value

end

period

$84.56

$78.58

$62.71

$60.80

$61.50

$45.60

Total

Return

7.61%

26.34%

7.09%

(0.40)%

42.53%

19.39%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,968,382

$2,698,132

$1,959,054

$1,489,810

$1,291,092

$859,154

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.61%

0.62%

0.67%

0.64%

0.71%

0.79%

After custodian

fee

credits

0.60%

0.62%

0.66%

0.64%

0.71%

0.78%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.15%

0.33%

0.46%

0.32%

0.43%

0.60%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

restated

reflect

the

exclusion

redemptions

in-kind,

which

reduced

the

percentage

and

for

the

year

ended

May

31,

2022

and

2021,

respectively.

Amount

less

than

0.5%

Schedule

Investments

November

30,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Continued

page.

Common

Stock

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

288,000

3,198,895

3,051,298

Saudi

Arabia

2.3%

Wireless

Telecommunications

Telekomunikasi

Indonesia

ADR

83,000

1,813,782

1,417,640

Indonesia

1.1%

5,012,677

4,468,938

3.4%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

109,600

1,984,463

3,055,831

Turkey

2.3%

Home

Products

Stores

Wilcon

Depot

5,550,000

2,140,944

1,231,295

Philippines

1.0%

4,125,407

4,287,126

3.3%

Consumer

Staples

Food

Drug

Stores

Bim

Birlesik

Magazalar

265,000

2,965,425

3,621,833

Turkey

2.8%

Clicks

Group

192,000

2,314,634

4,198,081

South

Africa

3.2%

5,280,059

7,819,914

6.0%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,468,008

1,878,368

Indonesia

1.4%

Personal

Care

Products

Colgate-Palmolive

40,000

2,820,107

3,865,200

United

States

2.9%

Dabur

India

444,000

2,928,237

2,774,594

India

2.1%

Kimberly-Clark

Mexico,

Class

1,300,000

2,253,150

1,772,625

Mexico

1.4%

Household

Health

Care

6,050

3,600,424

1,352,313

South

Korea

1.0%

Unicharm

95,800

3,440,796

2,486,374

Japan

1.9%

Unilever

ADR

65,000

3,263,718

3,889,600

United

Kingdom

3.0%

18,306,432

16,140,706

12.3%

25,054,499

25,838,988

19.7%

Financials

Islamic

Banking

BIMB

Holdings

1,476,100

1,168,041

893,215

Malaysia

0.7%

Islamic

Insurance

Syarikat

Takaful

Malaysia

Keluarga

1,324,000

1,153,295

1,125,970

Malaysia

0.8%

2,321,336

2,019,185

1.5%

Health

Care

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

3,423,000

2,366,173

2,522,922

Thailand

1.9%

IHH

Healthcare

1,764,000

2,329,363

2,881,550

Malaysia

2.2%

KPJ

Healthcare

4,825,992

1,231,253

2,707,990

Malaysia

2.1%

5,926,789

8,112,462

6.2%

Specialty

Generic

Pharma

Hikma

Pharmaceuticals

127,400

3,585,574

3,116,262

Jordan

2.4%

9,512,363

11,228,724

8.6%

Industrials

Other

Machinery

Equipment

WEG

450,000

3,249,495

4,021,490

Brazil

3.1%

Schedule

Investments

November

30,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Continued

page.

Common

Stock

92.0%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Industrials

(continued)

Rubber

Plastic

Hartalega

Holdings

2,750,000

2,643,031

2,180,115

Malaysia

1.6%

5,892,526

6,201,605

4.7%

Materials

Agricultural

Chemicals

Quimica

Minera

Chile

ADR

49,000

3,379,002

1,884,540

Chile

1.4%

Base

Metals

Southern

Copper

38,832

2,142,608

3,896,791

Peru

3.0%

Cement

Aggregates

UltraTech

Cement

29,100

2,689,466

3,865,168

India

2.9%

Iron

Rio

Tinto

ADR

45,100

3,316,352

2,834,084

China

2.1%

Precious

Metals

Barrick

Gold

164,000

3,332,544

2,868,360

Canada

2.2%

14,859,972

15,348,943

11.6%

Real

Estate

Multi

Asset

Class

Ownership

Development

Prime

Holdings

2,800,000

1,564,843

1,261,957

Philippines

1.0%

Technology

Communications

Equipment

Samsung

Electronics

62,700

3,115,508

2,465,566

South

Korea

1.9%

Sercomm

669,000

1,839,844

2,255,938

Taiwan

1.7%

4,955,352

4,721,504

3.6%

Computer

Hardware

Storage

Advantech

270,931

2,371,962

2,821,336

Taiwan

2.2%

Electronic

Manufacturing

Services

Original

Design

Manufacturer

Jabil

28,600

2,832,472

3,884,738

United

States

3.0%

Electronics

Components

Delta

Electronics

307,500

2,392,030

3,645,695

Taiwan

2.8%

KCE

Electronics

NVDR

1,810,000

3,110,607

1,340,070

Thailand

1.0%

Samsung

7,900

3,360,919

1,445,790

South

Korea

1.1%

8,863,556

6,431,555

4.9%

Services

Infosys

ADR

163,200

3,243,960

3,601,824

India

2.7%

Semiconductor

Devices

Nvidia

94,500

2,196,641

13,064,625

United

States

9.9%

Qualcomm

24,500

3,020,311

3,883,985

United

States

3.0%

5,216,952

16,948,610

12.9%

Semiconductor

Manufacturing

ASML

Holding

4,550

3,079,805

3,124,076

Netherlands

2.4%

Taiwan

Semiconductor

ADR

27,200

1,513,555

5,022,752

Taiwan

3.8%

4,593,360

8,146,828

6.2%

32,077,614

46,556,395

35.5%

Schedule

Investments

November

30,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Common

Stock

92.0%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Utilities

Power

Generation

Manila

Electric

428,500

2,833,817

3,501,190

Philippines

2.7%

Total

investments

$103,255,054

120,713,051

92.0%

Other

assets

(net

liabilities)

10,462,747

8.0%

Total

net

assets

131,175,798

100.0%

Country

domicile

unless

otherwise

indicated

Denotes

country

region

primary

exposure

ADR:

American

Depositary

Receipt

NVDR:

Non

Voting

Depository

Receipt

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$103,255,054)

120,713,051

Cash

10,600,279

Dividends

receivable

84,553

Receivable

for

Fund

sold

22,438

Prepaid

expenses

18,847

Total

assets

131,439,168

Liabilities

Payable

for

Fund

redeemed

118,878

Accrued

advisory

fees

86,981

Accrued

audit

expenses

28,710

Accrued

retirement

plan

custody

fee

18,478

Accrued

12b-1

distribution

fees

7,798

Accrued

trustee

expenses

238

Accrued

Chief

Compliance

Officer

expenses

216

Accrued

legal

expenses

170

Accrued

other

operating

expenses

1,901

Total

liabilities

263,370

Net

assets

$131,175,798

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$115,631,267

Total

distributable

earnings

15,544,531

Net

assets

applicable

Fund

outstanding

$131,175,798

Net

asset

value

per

Investor

AMDWX

Net

assets,

value

$37,504,537

outstanding

2,773,899

Net

asset

value,

offering

and

redemption

price

per

$13.52

Net

asset

value

per

Institutional

AMIDX

Net

assets,

value

$93,671,260

outstanding

6,892,176

Net

asset

value,

offering

and

redemption

price

per

$13.59

Period

ended

November

30,

2024

Investment

income

Dividend

Income

(Net

foreign

tax

$116,399)

1,011,859

Miscellaneous

income

Total

investment

income

1,011,951

Expenses

Investment

advisory

fees

526,157

Custodian

fees

49,801

12b-1

distribution

fees

46,623

Filing

and

registration

fees

20,740

Audit

fees

12,181

Retirement

plan

custodial

fees

10,743

325

Investor

350

Institutional

10,653

Chief

Compliance

Officer

expenses

1,151

Trustee

fees

672

Legal

fees

625

Other

operating

expenses

7,219

Total

gross

expenses

675,912

Less

custodian

fee

credits

(49,321)

Net

expenses

626,591

Net

investment

income

$385,360

Net

realized

loss

from

investments

and

foreign

currency

$(957,485)

Net

ncrease

unrealized

appreciation

investments

and

foreign

currency

2,655,988

Net

gain

investments

1,698,503

Net

increase

net

assets

resulting

from

operations

$2,083,863

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Statements

Changes

Net

Assets

Period

ended

November

30,

2024

Year

ended

May

31,

2024

Increase

net

assets

from

operations

From

operations

Net

investment

income

$385,360

$1,346,865

Net

realized

loss

investments

and

foreign

currency

(957,485)

(2,015,157)

Net

increase

unrealized

appreciation

investments

and

foreign

currency

2,655,988

14,675,631

Net

increase

net

assets

2,083,863

14,007,339

Distributions

shareowners

from

325

Net

dividend

and

distribution

shareholders

Investor

–

(299,740)

350

Net

dividend

and

distribution

shareholders

Institutional

–

(787,678)

Total

distributions

–

(1,087,418)

Capital

transactions

Proceeds

from

the

sale

325

Investor

5,318,898

7,070,763

350

Institutional

18,317,762

43,861,528

Value

issued

reinvestment

dividends

and

distributions

325

Investor

–

297,630

350

Institutional

–

781,001

Cost

redeemed

325

Investor

(3,455,093)

(5,818,766)

350

Institutional

(16,924,293)

(17,334,306)

Total

capital

transactions

3,257,274

28,857,850

Total

increase

net

assets

5,341,137

41,777,771

Net

assets

Beginning

period

125,834,661

84,056,890

End

period

$131,175,798

$125,834,661

the

Fund

sold

and

redeemed

Investor

(AMDWX)

Number

sold

382,298

572,870

Number

issued

reinvestment

dividends

and

distributions

–

24,217

Number

redeemed

(250,042)

(472,648)

Net

increase

number

outstanding

132,256

124,439

Institutional

(AMIDX)

Number

sold

1,317,295

3,506,333

Number

issued

reinvestment

dividends

and

distributions

–

63,342

Number

redeemed

(1,222,145)

(1,425,506)

Net

increase

number

outstanding

95,150

2,144,169

–

Amana

Developing

World

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Investor

(AMDWX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$13.29

$11.70

$11.85

$13.70

$9.67

$9.33

Income

from

investment

operations

Net

investment

income

0.03

0.14

0.13

0.21

0.05

0.04

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.20

1.56

(0.17)

(1.90)

3.98

0.34

Total

from

investment

operations

0.23

1.70

(0.04)

(1.69)

4.03

0.38

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.08)

(0.16)

–

(0.04)

Distributions

(from

capital

gains)

–

0.00

(0.03)

–

Total

distributions

–

(0.11)

(0.16)

–

(0.04)

Net

asset

value

end

period

$13.52

$13.29

$11.70

$11.85

$13.70

$9.67

Total

Return

1.73%

14.65%

(0.25)%

(12.47)%

41.68%

4.02%

Ratios

supplemental

data

Net

assets

($000),

end

period

$37,505

$35,115

$29,446

$23,123

$22,553

$13,253

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.19%

1.20%

1.22%

1.21%

1.20%

1.34%

After custodian

fee

credits

1.12%

1.13%

1.15%

1.14%

1.29%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.43%

1.15%

1.11%

1.59%

0.44%

0.38%

Portfolio

turnover

rate

30%

Institutional

(AMIDX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$13.35

$11.74

$11.90

$13.77

$9.70

$9.36

Income

from

investment

operations

Net

investment

income

0.04

0.17

0.15

0.24

0.08

0.04

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.20

1.57

(0.17)

(1.90)

3.99

0.36

Total

from

investment

operations

0.24

1.74

(0.02)

(1.66)

4.07

0.40

Less

distributions

Dividends

(from

net

investment

income)

–

(0.13)

(0.11)

(0.21)

–

(0.06)

Distributions

(from

capital

gains)

–

0.00

(0.03)

–

Total

distributions

–

(0.13)

(0.14)

(0.21)

–

(0.06)

Net

asset

value

end

period

$13.59

$13.35

$11.74

$11.90

$13.77

$9.70

Total

Return

1.80%

14.95%

(0.12)%

(12.24)%

41.96%

4.20%

Ratios

supplemental

data

Net

assets

($000),

end

period

$93,671

$90,720

$54,611

$46,715

$42,241

$18,959

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.97%

0.98%

1.01%

0.99%

0.97%

1.21%

After custodian

fee

credits

0.89%

0.90%

0.94%

0.92%

0.91%

1.16%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.65%

1.36%

1.31%

1.80%

0.65%

0.43%

Portfolio

turnover

rate

30%

Calculated

using

average

outstanding

Amount

less

than

$0.01

Not

annualized

for

period

less

than

one

year

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Amana

Developing

World

Fund:

Financial

Highlights

Annualized

for

periods

less

than

one

year

Consolidated

Schedule

Investments

November

30,

2024

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Continued

page.

Corporate

Sukuk

76.2%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Communications

Axiata

SPV2

2.163%

due

08/19/2030

6,000,000

5,182,224

Malaysia

2.4%

Saudi

Telecom

3.890%

due

05/13/2029

5,000,000

4,868,182

Saudi

Arabia

2.2%

Axiata

SPV2

4.357%

due

03/24/2026

4,357,000

4,322,138

Malaysia

2.0%

14,372,544

6.6%

Consumer

Staples

Almarai

Sukuk

5.233%

due

07/25/2033

4,500,000

4,603,995

Saudi

Arabia

2.1%

Energy

Global

2.694%

due

06/17/2031

7,500,000

6,590,625

Saudi

Arabia

3.1%

Financials

Kuwait

Financial

Bank

Tier

2,3

3.600%

due

PERP

10,000,000

9,530,000

Kuwait

4.4%

Investment

Corporate

Dubai

5.000%

due

02/01/2027

7,850,000

7,827,722

United

Arab

Emirates

3.6%

Riyad

3.174%

due

02/25/2030

7,830,000

7,783,725

Saudi

Arabia

3.6%

Dubai

Aerospace

Enterprises

DIFC

3.750%

due

02/15/2026

7,700,000

7,568,684

United

Arab

Emirates

3.5%

Air

Lease

Corp

Sukuk

5.850%

due

04/01/2028

6,000,000

6,116,645

Cayman

Islands

2.8%

National

Commercial

Bank

Tier

2,3

3.500%

due

PERP

5,550,000

5,289,150

Saudi

Arabia

2.4%

Sharjah

Islamic

Bank

Tier

2,3

5.000%

due

PERP

5,200,000

5,139,420

United

Arab

Emirates

2.4%

Dubai

Islamic

Bank

5.493%

due

11/30/2027

5,000,000

5,074,070

United

Arab

Emirates

2.3%

Dubai

Islamic

Bank

Tier

2,3

6.250%

due

PERP

4,500,000

4,484,587

United

Arab

Emirates

2.1%

Boubyan

Sukuk

Ltd

3.389%

due

03/29/2027

4,600,000

4,447,050

Cayman

Islands

2.1%

Mas

Ryan

2.210%

due

09/02/2025

4,500,000

4,399,407

Cayman

Islands

2.0%

Banque

Saudi

Fransi

4.750%

due

05/31/2028

4,000,000

3,971,704

Saudi

Arabia

1.8%

Sukuk

Ltd

5.431%

due

05/28/2029

2,000,000

2,048,848

Cayman

Islands

1.0%

Khazanah

Global

Sukuk

4.687%

due

06/01/2028

2,000,000

1,997,031

Malaysia

0.9%

Sharjah

3.854%

due

04/03/2026

1,600,000

1,567,120

United

Arab

Emirates

0.7%

ADIB

Capital

Invest

Three

7.250%

due

07/18/2070

1,000,000

1,062,260

Cayman

Islands

0.5%

QIB

Sukuk

LTD

5.581

5.581%

due

11/22/2028

1,000,000

1,035,856

Cayman

Islands

0.5%

FAB

Sukuk

Company

4.581%

due

01/17/2028

1,000,000

996,934

Cayman

Islands

0.5%

Sukuk

Ltd

2.082%

due

11/02/2026

1,000,000

946,540

Cayman

Islands

0.4%

81,286,753

37.5%

Industrials

World

Salaam

2,3

6.000%

due

PERP

7,800,000

7,783,499

United

Arab

Emirates

3.6%

World

Crescent

3.750%

due

01/30/2030

4,000,000

3,773,349

United

Arab

Emirates

1.7%

11,556,848

5.3%

Real

Estate

Dar

Al-Arkan

Sukuk

8.000%

due

02/25/2029

7,000,000

7,266,490

Cayman

Islands

3.4%

EMAAR

3.700%

due

07/06/2031

7,000,000

6,506,129

United

Arab

Emirates

3.0%

Aldar

3.875%

due

10/22/2029

6,000,000

5,706,552

United

Arab

Emirates

2.6%

Majid

Futtaim

4.638%

due

05/14/2029

5,650,000

5,573,849

United

Arab

Emirates

2.6%

Emirates

REIT

Sukuk

11.000%

due

12/12/2025

1,310,926

1,313,286

Cayman

Islands

0.6%

26,366,306

12.2%

Utilities

TNB

Global

Ventures

4.851%

due

11/01/2028

6,300,000

6,318,264

Malaysia

2.9%

TNB

Global

Ventures

Cap

3.244%

due

10/19/2026

6,140,000

5,958,710

Malaysia

2.7%

Saudi

Electricity

Global

5.060%

due

04/08/2043

5,000,000

4,767,965

Saudi

Arabia

2.2%

Saudi

Electricity

Global

5.500%

due

04/08/2044

2,400,000

2,379,521

Saudi

Arabia

1.1%

Consolidated

Schedule

Investments

November

30,

2024

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Corporate

Sukuk

76.2%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Utilities

(continued)

Saudi

Electricity

Global

5.684%

due

04/11/2053

1,000,000

986,662

Saudi

Arabia

0.5%

20,411,122

9.4%

Total

Corporate

Sukuk

(Cost

167,612,622)

$165,188,193

76.2%

Government

Sukuk

14.9%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Government

Perusahaan

Penerbit

SBSN

4.550%

due

03/29/2026

5,185,000

5,175,190

Indonesia

2.4%

Oman

Sovereign

Sukuk

4.875%

due

06/15/2030

5,150,000

5,160,552

Oman

2.4%

Kingdom

Saudi

Arabia

3.628%

due

04/20/2027

5,000,000

4,881,785

Saudi

Arabia

2.2%

Malaysia

Sovereign

Sukuk

4.236%

due

04/22/2045

5,000,000

4,634,585

Malaysia

2.1%

Perusahaan

Penerbit

SBSN

3.550%

due

06/09/2051

5,280,000

3,904,665

Indonesia

1.8%

Kingdom

Saudi

Arabia

4.303%

due

01/19/2029

3,200,000

3,150,531

Saudi

Arabia

1.4%

Perusahaan

Penerbit

SBSN

4.450%

due

02/20/2029

3,050,000

2,996,623

Indonesia

1.4%

Islamic

Development

Bank

Trust

Services

4.747%

due

10/27/2027

2,500,000

2,521,260

Saudi

Arabia

1.2%

Total

Government

Sukuk

(Cost

33,629,525)

$32,425,191

14.9%

Bank

Time

Deposits

3.7%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Bank

Time

Deposits

Bank

ABC

4.880%

due

01/08/2025

2,000,000

United

States

1.0%

Bank

ABC

4.770%

due

12/23/2024

2,000,000

United

States

0.9%

Bank

ABC

4.830%

due

12/09/2024

2,000,000

United

States

0.9%

Gulf

International

Bank

4.310%

due

12/09/2024

2,000,000

United

States

0.9%

Total

Bank

Time

Deposits

(Cost

8,000,000)

$8,000,000

3.7%

Total

investments

(Cost

$209,242,147)

$205,613,384

94.8%

Other

assets

(net

liabilities)

11,181,738

5.2%

Total

net

assets

$216,795,122

100.0%

Denotes

country

region

primary

exposure

Security

was

purchased

pursuant

Regulation

under

the

Securities

Act

1933

which

exempts

from

registration

securities

offered

and

sold

outside

the

United

States.

Such

security

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2024,

the

aggregate

value

these

securities

was

$205,613,384

representing

94.8%

total

net

assets.

Security

perpetual

nature

with

stated

maturity

date.

SA:

Special

Assessment

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Consolidated

Statement

Assets

and

Liabilities

Consolidated

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$209,242,147)

205,613,384

Cash

8,752,861

Dividends

receivable

2,546,090

Receivable

for

Fund

sold

102,643

Prepaid

expenses

18,754

Total

assets

217,033,732

Liabilities

Payable

for

Fund

redeemed

109,716

Accrued

advisory

fees

88,341

Accrued

retirement

plan

custody

fee

13,174

Distributions

payable

7,544

Accrued

12b-1

distribution

fees

6,059

Accrued

audit

expenses

5,507

Accrued

legal

expenses

3,201

Accrued

trustee

expenses

744

Accrued

Chief

Compliance

Officer

expenses

559

Accrued

other

operating

expenses

3,765

Total

liabilities

238,610

Net

assets

$216,795,122

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$273,226,755

Total

distributable

earnings

(56,431,633)

Net

assets

applicable

Fund

outstanding

$216,795,122

Net

asset

value

per

Investor

AMAPX

Net

assets,

value

$29,816,419

outstanding

3,052,717

Net

asset

value,

offering

and

redemption

price

per

$9.77

Net

asset

value

per

Institutional

AMIPX

Net

assets,

value

$186,978,703

outstanding

19,075,511

Net

asset

value,

offering

and

redemption

price

per

$9.80

Period

ended

November

30,

2024

Investment

income

Sukuk

income

4,499,107

Miscellaneous

income

Total

investment

income

4,499,108

Expenses

Investment

advisory

fees

524,749

12b-1

distribution

fees

36,368

Custodian

fees

26,183

Filing

and

registration

fees

21,507

Retirement

plan

custodial

fees

8,246

425

Investor

210

450

Institutional

8,036

Audit

fees

5,038

Legal

fees

4,315

Chief

Compliance

Officer

expenses

1,733

Trustee

fees

1,155

Other

operating

expenses

10,561

Total

gross

expenses

639,855

Less

custodian

fee

credits

(26,183)

Net

expenses

613,672

Net

investment

income

$3,885,436

Net

realized

loss

from

investments

$(186,332)

Net

crease

unrealized

depreciation

investments

3,955,558

Net

gain

investments

3,769,226

Net

increase

net

assets

resulting

from

operations

$7,654,662

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Consolidated

Statements

Changes

Net

Assets

Period

ended

November

30,

2024

Year

ended

May

31,

2024

Increase

(Decrease)

net

assets

from

operations

From

operations

Net

investment

income

$3,885,436

$6,980,968

Net

realized

loss

investments

(186,332)

(3,429,790)

Net

decrease

unrealized

preciation

investments

3,955,558

769,931

Net

increase

net

assets

7,654,662

4,321,109

Distributions

shareowners

from

425

Net

dividend

and

distribution

shareholders

Investor

(381,295)

(857,965)

450

Net

dividend

and

distribution

shareholders

Institutional

(2,588,910)

(5,730,425)

Total

distributions

(2,970,205)

(6,588,390)

Capital

transactions

Proceeds

from

the

sale

425

Investor

4,988,611

9,329,328

450

Institutional

42,786,114

50,645,545

Value

issued

reinvestment

dividends

and

distributions

425

Investor

373,302

845,539

450

Institutional

2,549,160

5,678,992

Cost

redeemed

425

Investor

(4,971,225)

(7,787,173)

450

Institutional

(33,068,421)

(75,702,455)

Total

capital

transactions

12,657,541

(16,990,224)

Total

increase

(decrease)

net

assets

17,341,998

(19,257,505)

Net

assets

Beginning

period

199,453,124

218,710,629

End

period

$216,795,122

$199,453,124

the

Fund

sold

and

redeemed

Investor

(AMAPX)

Number

sold

512,325

975,227

Number

issued

reinvestment

dividends

and

distributions

38,329

88,555

Number

redeemed

(511,053)

(814,310)

Net

increase

number

outstanding

39,601

249,472

Institutional

(AMIPX)

Number

sold

4,370,474

5,276,214

Number

issued

reinvestment

dividends

and

distributions

260,744

592,716

Number

redeemed

(3,378,532)

(7,893,506)

Net

increase

(decrease)

number

outstanding

1,252,686

(2,024,576)

–

Amana

Participation

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSRS

Investor

(AMAPX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$9.54

$9.64

$9.86

$10.42

$10.12

$9.97

Income

from

investment

operations

Net

investment

income

B,C

0.18

0.31

0.21

0.18

0.19

0.24

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.18

(0.12)

(0.24)

(0.57)

0.30

0.14

Total

from

investment

operations

0.36

0.19

(0.03)

(0.39)

0.49

0.38

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

(0.29)

(0.19)

(0.17)

(0.19)

(0.23)

Total

distributions

(0.13)

(0.29)

(0.19)

(0.17)

(0.19)

(0.23)

Net

asset

value

end

period

$9.77

$9.54

$9.64

$9.86

$10.42

$10.12

Total

Return

3.76%

2.01%

(0.26)%

(3.83)%

4.90%

3.88%

Ratios

supplemental

data

Net

assets

($000),

end

year

$29,816

$28,756

$26,650

$24,722

$22,375

$16,531

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.81%

0.83%

0.80%

0.82%

0.88%

After

custodian

fee

credits

0.80%

0.78%

0.80%

0.86%

Ratio

net

investment

income

after

average

net

assets

3.67%

3.23%

2.11%

1.71%

1.86%

2.34%

Portfolio

turnover

rate

17%

48%

15%

19%

34%

Institutional

(AMIPX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2024

Year

ended

May

31,

2024

2023

2022

2021

2020

Net

asset

value

beginning

period

$9.58

$9.68

$9.89

$10.45

$10.16

$10.00

Income

from

investment

operations

Net

investment

income

B,C

0.18

0.33

0.23

0.20

0.22

0.26

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.18

(0.12)

(0.22)

(0.57)

0.29

0.16

Total

from

investment

operations

0.36

0.21

0.01

(0.37)

0.51

0.42

Less

distributions

Dividends

(from

net

investment

income)

(0.14)

(0.31)

(0.22)

(0.19)

(0.22)

(0.26)

Total

distributions

(0.14)

(0.31)

(0.22)

(0.19)

(0.22)

(0.26)

Net

asset

value

end

period

$9.80

$9.58

$9.68

$9.89

$10.45

$10.16

Total

Return

3.77%

2.26%

0.09%

(3.58)%

5.04%

4.23%

Ratios

supplemental

data

Net

assets

($000),

end

year

$186,979

$170,697

$192,060

$187,032

$143,404

$100,023

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.58%

0.56%

0.58%

0.63%

After

custodian

fee

credits

0.55%

0.56%

0.53%

0.54%

0.56%

0.61%

Ratio

net

investment

income

after

average

net

assets

3.70%

3.45%

2.34%

1.97%

2.10%

2.53%

Portfolio

turnover

rate

17%

48%

15%

19%

34%

Consolidated

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Notes

Financial

Statements

November

30,

2024

N-CSRS

Note

Organization

Amana

Mutual

Funds

Trust

(the

“Trust”)

was

organized

Delaware

Statutory

Trust

March

11,

2013,

and

the

successor

Amana

Mutual

Funds

Trust,

Indiana

Business

Trust

(“Prior

Trust”)

organized

July

26,

1984,

pursuant

reorganization

July

19,

2013.

Each

Fund

series

the

Trust

and

the

Income,

Growth,

and

Developing

World

Funds

are

successors

the

corresponding

series

the

Prior

Trust.

The

Trust

registered

open-end,

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

restricts

its

investments

those

acceptable

Muslims

investing

accordance

with

Islamic

principles.

Four

portfolio

series

have

been

created.

The

Income

Fund

was

first

authorized

sell

beneficial

interest

the

public

June

23,

1986.

The

Growth

Fund

began

operations

February

1994

The

Developing

World

Fund

began

operations

September

28,

2009

Institutional

Income,

Growth,

and

Developing

World

Funds

were

first

offered

September

25,

2013.

The

Participation

Fund

(both

Investor

and

Institutional

Shares)

began

operations

September

28,

2015

The

Participation

Fund

nondiversified

fund.

Each

Fund

investment

company

and

accordingly

follows

the

investment

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies.”

Each

class

Fund

represents

interest

the

same

portfolio

investments

the

Fund

and

has

all

respects

the

same

rights

and

obligations

each

other

class

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

Each

class

may

subject

different

investment

minimums

and

other

conditions

eligibility

may

described

the

prospectus

for

the

particular

class

shares,

from

time

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

paid

Fund

and

not

allocated

particular

class

provided

below,

shall

allocated

each

class

the

basis

relative

net

assets.

Expenses

allocable

specific

class

are

expenses

specifically

incurred

for

such

class

including

the

following:

Distribution

fees;

Retirement

plan

custodial

fees;

and

Any

applicable

service

fees.

Net

investment

income

dividends

and

capital

gain

distributions

paid

the

Fund

each

class

its

will

calculated

the

same

manner

the

same

day

and

the

same

time.

Commencing

the

year

ended

May

31,

2021,

the

Participation

Fund

utilizes

wholly-owned

subsidiary

achieve

its

investment

objective

(see

Note

3).

Investment

risks:

Income

Growth

Developing

World

and

Participation

Funds

The

value

the

each

the

Funds

rises

and

falls

the

value

the

securities

which

the

Funds

invest

goes

and

down.

The

Funds

limit

the

securities

they

purchase

those

consistent

with

Islamic

principles.

This

limits

opportunities

and

may

affect

performance.

Each

the

Funds

may

invest

securities

that

are

not

traded

the

United

States.

Investments

the

securities

foreign

issuers

may

involve

risks

addition

those

normally

associated

with

investments

the

securities

issuers.

These

risks

include

currency

and

market

fluctuations,

and

political

social

instability.

The

risks

foreign

investing

are

generally

magnified

the

smaller

and

volatile

securities

markets

the

developing

world.

Growth

Fund

The

smaller

and

less

seasoned

companies

that

may

the

Growth

Fund

have

greater

risk

price

volatility.

Participation

Fund

While

the

Participation

Fund

does

not

invest

conventional

bonds,

risks

similar

those

conventional

fixed-

income

funds

apply.

These

include:

diversification

and

concentration

risk,

liquidity

risk,

interest

rate

risk,

credit

risk,

and

high-yield

risk.

The

Participation

Fund

also

includes

risks

specific

investments

Islamic

fixed-income

instruments.

The

structural

complexity

sukuk

along

with

the

weak

infrastructure

the

sukuk

market,

increases

risk.

compared

rights

conventional

bondholders,

holders

sukuk

may

have

limited

ability

pursue

legal

recourse

enforce

the

terms

the

sukuk

restructure

the

sukuk

order

seek

recovery

principal.

Sukuk

are

also

subject

the

risk

that

some

Islamic

scholars

may

deem

certain

sukuk

not

meeting

Islamic

investment

principles

subsequent

the

sukuk

being

issued.

The

Funds

may

invest

substantially

one

sectors,

which

can

increase

volatility

and

exposure

issuers

specific

particular

sector

industry.

Please

see

each

Fund’s

Summary

Prospectus,

the

Funds'

Prospectus,

and

Statement

Additional

Information

for

detailed

discussion

the

risks

affecting

the

Funds.

Note

Unaudited

Information

The

information

this

interim

report

has

not

been

subject

independent

audit.

Note

Significant

Accounting

Policies

The

following

summary

the

significant

accounting

policies,

conformity

with

accounting

principles

generally

accepted

the

United

States

America,

which

are

consistently

followed

the

Funds

preparation

their

financial

statements.

Security

valuation:

Investments

securities

traded

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

that

price.

Securities

for

which

there

are

sales

are

valued

latest

bid

price.

Foreign

markets

may

before

the

time

which

the

Funds’

prices

are

determined.

Because

this,

events

occurring

after

the

and

before

the

determination

the

Funds’

prices

may

have

material

effect

the

values

some

all

the

Funds’

foreign

securities.

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

their

non-US

securities.

cases

which

there

not

readily

available

market

price,

fair

value

for

such

security

determined

good

faith

the

Adviser,

whom

the

Board

Trustees

has

designated

the

Funds’

valuation

designee

perform

fair

value

determinations

relating

all

Fund

investments.

Security

transactions

are

recorded

trade

date.

Realized

gains

and

losses

sales

securities

are

recorded

the

identified

cost

basis.

Sukuk

certificates

which

the

Participation

Fund

invests

are

valued

based

evaluated

prices

supplied

independent

pricing

service,

which

include

valuations

provided

market

makers

and

other

participants,

provided

that

there

sufficient

market

activity

Notes

Financial

Statements

(continued)

November

30,

2024

N-CSRS

which

the

pricing

service

can

base

such

valuations.

Where

market

activity

insufficient

for

making

such

determinations,

the

independent

pricing

service

uses

proprietary

valuation

methodologies

and

may

consider

variety

factors,

such

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

and

other

factors

order

calculate

the

security’s

fair

value.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

date

valuation.

Purchases

and

sales

investment

securities

and

income

and

expense

items

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

respective

dates

such

transactions.

The

Funds

not

isolate

that

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

the

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amounts

dividends,

interest,

and

foreign

withholding

taxes

recorded

the

Funds’

books

and

the

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

the

fair

values

assets

and

liabilities,

other

than

investments

securities

fiscal

period

end,

resulting

from

changes

exchange

rates.

valuation:

Each

Fund

computes

the

price

each

class

dividing

the

net

assets

attributable

each

class

the

outstanding

that

class.

Each

class

represents

interest

the

same

investment

portfolio.

Each

class

identical

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

result

the

differences

the

expenses

borne

each

class,

the

price

and

distributions

will

vary

among

Fund’s

classes.

The

Funds’

are

not

priced

traded

days

the

New

York

Stock

Exchange

closed.

The

NAV

both

the

offering

and

redemption

price

per

share.

Valuation

Inputs

November

30,

2024

Level

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$48,410,860

$–

$48,410,860

Consumer

Staples

$242,715,272

$–

$242,715,272

Health

Care

$418,847,512

$–

$418,847,512

Industrials

$473,767,610

$–

$473,767,610

Materials

$143,841,230

$–

$143,841,230

Technology

$464,925,170

$43,850,513

$–

$508,775,683

Total

Common

Stock

$1,792,507,654

$43,850,513

$–

$1,836,358,167

Total

Assets

$1,792,507,654

$43,850,513

$–

$1,836,358,167

Growth

Fund

Common

Stock

Communications

$227,237,750

$–

$227,237,750

Consumer

Discretionary

$380,297,100

$–

$380,297,100

Consumer

Staples

$243,721,669

$–

$243,721,669

Health

Care

$1,001,373,413

$–

$1,001,373,413

Industrials

$737,290,973

$102,994,860

$–

$840,285,833

Technology

$2,655,307,827

$–

$2,655,307,827

Total

Common

Stock

$5,245,228,732

$102,994,860

$–

$5,348,223,592

Total

Assets

$5,245,228,732

$102,994,860

$–

$5,348,223,592

Developing

World

Fund

Common

Stock

Communications

$1,417,640

$3,051,298

$–

$4,468,938

Consumer

Discretionary

$–

$4,287,126

$–

$4,287,126

Consumer

Staples

$7,754,800

$18,084,188

$–

$25,838,988

Financials

$–

$2,019,185

$–

$2,019,185

Health

Care

$–

$11,228,724

$–

$11,228,724

Industrials

$–

$6,201,605

$–

$6,201,605

Materials

$11,483,775

$3,865,168

$–

$15,348,943

Real

Estate

$–

$1,261,957

$–

$1,261,957

Technology

$32,582,000

$13,974,395

$–

$46,556,395

Utilities

$–

$3,501,190

$–

$3,501,190

Total

Common

Stock

$53,238,215

$67,474,836

$–

$120,713,051

Total

Assets

$53,238,215

$67,474,836

$–

$120,713,051

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2024

N-CSRS

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

three-

tier

framework

for

measuring

fair

value

based

hierarchy

inputs.

The

hierarchy

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds’

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the

Funds’

investments

and

are

summarized

below.

Level

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

that

the

Trust

has

the

ability

access.

Level

Observable

inputs

other

than

quoted

prices

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

−

Unobservable

inputs

for

the

asset

liability,

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust’s

own

assumptions

about

the

assumptions

market

participant

would

use

valuing

the

asset

liability,

and

would

based

the

best

information

available.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

its

entirety

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Investment

concentration:

The

fundamental

policies

the

Funds

prohibit

earning

interest,

accordance

with

Islamic

principles.

Consequently,

cash

held

non-interest-bearing

deposits

with

the

Funds’

custodian

other

banks.

“Other

assets

(net

liabilities)”

the

Funds’

Schedules

Investments

primarily

represents

cash

deposit

with

the

custodian.

Cash

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

(“ASC”)

825,

“

Financial

Instruments,

”

identifies

these

items

concentration

credit

risk.

The

risk

managed

careful

financial

analysis

and

review

the

custodian’s

operations,

resources,

and

protections

available

the

Trust.

This

process

includes

evaluation

other

financial

institutions

providing

investment

company

custody

services.

ReFlow

Liquidity

Program:

The

Funds

may

participate

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

designed

provide

alternative

liquidity

source

days

when

redemptions

Fund

exceed

purchases.

Under

the

program,

ReFlow

available

provide

cash

the

Funds

meet

all,

portion,

daily

net

shareowner

redemptions.

Following

purchases

Fund

shares,

ReFlow

then

generally

redeems

those

when

the

Fund

experiences

net

sales,

the

end

maximum

holding

period

determined

ReFlow

(currently

days)

other

times

ReFlow's

discretion.

For

use

the

ReFlow

service,

participating

Fund

pays

fee

ReFlow

each

time

purchases

Fund

shares,

calculated

applying

the

purchase

amount

fee

rate

determined

through

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

0.14%

the

value

the

Fund

purchased

ReFlow,

although

the

Fund

may

submit

bid

higher

fee

rate

determines

that

doing

the

best

interest

Fund

shareowners.

accordance

with

federal

securities

laws,

ReFlow

prohibited

from

acquiring

than

the

outstanding

voting

securities

Fund.

ReFlow

will

periodically

redeem

its

entire

position

the

Fund

and

request

that

such

redemption

met

kind

accordance

with

the

Funds'

in-kind

redemption

policies.

There

assurance

that

ReFlow

will

have

sufficient

funds

available

meet

the

Funds’

liquidity

needs

particular

day.

Federal

income

taxes:

Each

Fund

intends

comply

with

the

requirements

the

Internal

Revenue

Code

necessary

qualify

regulated

investment

company

and

make

the

requisite

distributions

income

and

capital

gains

its

shareowners

sufficient

relieve

from

all

substantially

all

federal

income

taxes.

Therefore,

federal

income

tax

provision

required.

The

Funds

recognize

the

tax

benefits

uncertain

tax

positions

only

where

the

position

“more

likely

than

not”

sustained

assuming

examination

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions

and

has

concluded

that

liability

for

unrecognized

tax

benefits

should

recorded

uncertain

tax

positions

taken

returns

filed

for

open

tax

years

(2021

−

2023)

expected

taken

the

Funds’

2024

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

change

materially

the

months.

Participation

Fund

Bank

Time

Deposits

$–

$8,000,000

$–

$8,000,000

Corporate

Sukuk

$–

$165,188,193

$–

$165,188,193

Government

Sukuk

$–

$32,425,191

$–

$32,425,191

Total

Assets

$–

$205,613,384

$–

$205,613,384

See

the

Schedule

Investments

for

additional

details.

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2024

N-CSRS

Reclassification

capital

accounts:

Accounting

principles

generally

accepted

the

United

States

America

require

that

certain

components

net

assets

relating

permanent

differences

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

the

fiscal

year

ended

May

31,

2024

and

have

effect

net

assets

NAV

per

share.

The

Income

and

Developing

World

Funds

had

reclassification

capital

accounts.

Distributions

shareowners:

For

the

Amana

Participation

Fund

dividends

shareowners

from

net

investment

income

are

paid

daily

and

distributed

the

last

business

day

each

month.

For

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

dividends

shareowners

from

net

investment

income,

any,

are

paid

May

and

December.

result

their

investment

strategies,

the

Growth

and

Developing

World

Funds

not

expect

pay

income

dividends.

Distributions

capital

gains,

any,

are

made

least

annually,

and

required

comply

with

federal

excise

tax

requirements.

Distributions

shareowners

are

determined

accordance

with

income

tax

regulations

and

are

recorded

the

ex-dividend

date.

Dividends

are

paid

the

Funds,

the

net

asset

value

the

payable

date.

Shareowners

may

elect

take

distributions

they

total

$10

cash.

Use

estimates:

The

preparation

financial

statements

conformity

with

accounting

principles

generally

accepted

the

United

States

America

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

foreign

dividends

are

paid

portion

which

may

reclaimable)

provided

for

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

the

Statement

Operations.

Withholding

tax

reclaims

are

filed

certain

countries

recover

portion

the

amounts

previously

withheld.

The

Funds

record

reclaim

receivable

based

number

factors,

including

jurisdiction’s

legal

obligation

pay

reclaims

well

payment

history

and

market

convention.

Consolidation

Subsidiary

–

Amana

SPV:

The

Consolidated

Portfolio

Investments,

Consolidated

Statement

Assets

and

Liabilities,

Consolidated

Statement

Operations

and

Consolidated

Statement

Changes

Net

Assets

and

the

Consolidated

Financial

Highlights

the

Amana

Participation

Fund

includes

the

accounts

AMANA

SPV,

wholly

owned

and

controlled

subsidiary.

AMANA

SPV

C-Corporation

incorporated

exempted

company

under

the

company’s

law

the

Cayman

Islands

January

21,

2019,

and

not

subject

Cayman

Islands

taxes

the

present

time.

For

its

income

tax

purpose,

the

SPV

not

subject

income

taxes;

however,

the

SPV's

net

income

and

capital

gains

will

included

each

year

the

Amana

Participation

Fund's

taxable

income.

All

inter-company

accounts

and

transactions

have

been

eliminated

consolidation.

The

Amana

Participation

Fund

may

invest

25%

its

total

assets

the

segregated

portfolio

vehicle

(“SPV”)

which

acts

investment

vehicle

order

effect

certain

investments

consistent

with

the

Fund's

investment

objectives

and

policies.

summary

the

Amana

Participation

Fund's

investments

the

SPV

follows:

Other:

Dividend

income

recognized

the

ex-dividend

date,

and

sukuk

income

recognized

accrual

basis.

Expenses

incurred

the

Trust

behalf

the

Funds

(e.g.,

professional

fees)

are

allocated

the

Funds

the

basis

relative

daily

average

net

assets.

Net

investment

losses

may

not

utilized

offset

net

investment

income

future

periods

for

tax

purposes.

Note

Transactions

with

Affiliated

Persons

Under

contract

approved

annually

the

Board

Trustees

the

Trust,

including

those

who

are

not

party

the

contract

"interested

persons"

(as

defined

the

Investment

Company

Act

1940)

such

parties

the

Trust

(the

"Independent

Trustees"),

Saturna

Capital

Corporation

("Saturna

Capital")

provides

investment

advisory

services

and

certain

other

administrative

services

and

facilities

required

conduct

Trust

business.

Effective

December

2020,

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

each

pay

advisory

and

administration

fee

0.80%

the

first

billion

Fund’s

average

daily

net

assets,

0.65%

the

billion,

and

0.50%

assets

over

billion.

The

Amana

Participation

Fund

pays

advisory

and

administration

fee

0.50%

annually

the

average

daily

net

assets.

For

the

fiscal

period

ended

November

30,

2024

the

Funds

paid

the

following

advisory

fees

Saturna

Capital:

Certain

officers

and

one

trustee

Amana

are

also

officers

and

directors

the

investment

adviser.

Saturna

Brokerage

Services,

Inc.

(“SBS”),

subsidiary

Saturna

Capital,

registered

broker-dealer

and

acts

distributor.

The

Funds

have

adopted

Distribution

Plan

accordance

with

Rule

12b-1

under

the

1940

Act

applicable

the

Investor

each

Fund.

The

plan

provides

that

the

Funds

will

pay

fee

SBS

annual

rate

0.25%

the

average

daily

net

assets

Growth

Fund

Participation

Fund

Distributable

earnings

$(29,081,899)

$154

Paid-in

Capital

$29,081,899

$(154)

Inception

Date

SPV

Net

Assets

November

30,

2024

Fund

Net

Assets

November

30,

2024

Amana

SPV

January

21,

2019

$46,002,662

21.2%

Advisory

Fees

100

Income

Fund

$7,099,058

200

Growth

Fund

$16,234,814

300

Developing

World

Fund

$526,157

400

Participation

Fund

$524,749

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2024

N-CSRS

applicable

Investor

each

Fund.

The

fee

paid

SBS

reimbursement

for

expenses

incurred

for

distribution-related

activity.

For

the

fiscal

period

ended

November

30,

2024

the

Funds

paid

the

following

distribution

fees

SBS:

For

the

fiscal

year

ended

May

31,

2024,

Saturna

Capital

spent

additional

$5,588,398

its

own

resources,

and

not

part

the

12b-1

expense

the

Funds,

compensate

broker-dealers

other

financial

intermediaries,

their

affiliates,

connection

with

the

sale,

distribution,

retention,

and/or

servicing

Fund

shares.

the

extent

that

these

resources

are

derived

from

advisory

fees

paid

the

Funds,

these

payments

could

considered

“revenue

sharing.”

Any

such

payments

will

not

change

the

net

asset

value

the

price

Fund’s

shares.

SBS

used

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

commissions

payable

that

broker.

Saturna

Trust

Company

(“STC”),

subsidiary

Saturna

Capital,

acts

retirement

plan

custodian

for

the

Funds.

Each

class

Fund

pays

annual

fee

$10

per

account

for

retirement

plan

services

Saturna

Trust

Company.

For

the

fiscal

period

ended

November

30,

2024

the

Funds

incurred

the

following

retirement

plan

custodial

fees

STC:

Mr.

Nicholas

Kaiser

serves

trustee

and

president

the

Trust.

also

director

and

the

chairman

Saturna

Capital

Corporation

and

Saturna

Trust

Company.

not

compensated

the

Trust.

For

the

fiscal

period

ended

November

30,

2024

the

Funds

paid

trustee

compensation

expenses

$42,000,

which

included

the

$40,141

total

expenses

incurred

for

the

Independent

Trustees.

November

30,

2024

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

group,

owned

the

following

percentages

outstanding

The

officers

the

Trust

are

paid

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

partially

compensated

the

Trust.

For

the

fiscal

period

ended

November

30,

2024

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

Distributions

Shareowners

The

tax

characteristics

distributions

paid

for

the

fiscal

period

ended

November

30,

2024

and

May

31,

2024

were

follows:

Note

Federal

Income

Taxes

The

cost

basis

investments

for

federal

income

tax

purposes

November

30,

2024

were

follows:

Distribution

(12b-1)

fees

125

Income

Fund

Investor

(AMANX)

$1,092,661

150

Income

Fund

Institutional

(AMINX)

n/a

225

Growth

Fund

Investor

(AMAGX)

$3,351,625

250

Growth

Fund

Institutional

(AMIGX)

n/a

325

Developing

World

Fund

Investor

(AMDWX)

$46,623

350

Developing

World

Fund

Institutional

(AMIDX)

n/a

425

Participation

Fund

Investor

(AMAPX)

$36,368

450

Participation

Fund

Institutional

(AMIPX)

n/a

Retirement

plan

custodial

fees

125

Income

Fund

Investor

(AMANX)

$173

150

Income

Fund

Institutional

(AMINX)

$32,519

225

Growth

Fund

Investor

(AMAGX)

$172

250

Growth

Fund

Institutional

(AMIGX)

$50,216

325

Developing

World

Fund

Investor

(AMDWX)

$90

350

Developing

World

Fund

Institutional

(AMIDX)

$10,653

425

Participation

Fund

Investor

(AMAPX)

$210

450

Participation

Fund

Institutional

(AMIPX)

$8,036

Trustees',

officers',

and

affiliates'

ownership

125

Income

Fund

Investor

(AMANX)

0.02%

150

Income

Fund

Institutional

(AMINX)

1.55%

225

Growth

Fund

Investor

(AMAGX)

0.01%

250

Growth

Fund

Institutional

(AMIGX)

0.64%

325

Developing

World

Fund

Investor

(AMDWX)

0.72%

350

Developing

World

Fund

Institutional

(AMIDX)

3.85%

425

Participation

Fund

Investor

(AMAPX)

0.04%

450

Participation

Fund

Institutional

(AMIPX)

3.61%

Chief

Compliance

Officer

100

Income

Fund

$16,228

200

Growth

Fund

$43,560

300

Developing

World

Fund

$1,151

400

Participation

Fund

$1,733

Income

Fund

November

30,

2024

May

31,

2024

Ordinary

Income

$–

$17,028,371

Long-term

capital

gain

$–

$71,895,266

Growth

Fund

November

30,

2024

May

31,

2024

Ordinary

Income

$–

$11,227,103

Long-term

capital

gain

$–

$22,231,823

Developing

World

Fund

November

30,

2024

May

31,

2024

Ordinary

Income

$–

$1,050,922

Long-term

capital

gain

$–

$36,496

Participation

Fund

November

30,

2024

May

31,

2024

Ordinary

Income

$2,970,205

$6,588,390

Long-Term

Capital

Gain

dividend

designated

20%

rate

pursuant

Section

852(b)(3)

the

Internal

Revenue

Code.

Policy,

the

Growth

and

Developing

World

Funds

seek

avoid

paying

income

dividends.

Income

Fund

Growth

Fund

Cost

investments

$638,270,446

$1,873,622,958

Gross

tax

unrealized

appreciation

$1,212,168,506

$3,486,716,607

Gross

tax

unrealized

depreciation

$(14,080,785)

$(12,115,973)

Net

tax

unrealized

appreciation

$1,198,087,721

$3,474,600,634

Note

Transactions

with

Affiliated

Persons

(continued)

Notes

Financial

Statements

(continued)

November

30,

2024

N-CSRS

May

31,

2024

the

components

distributable

earnings

tax

basis

were

follows:

May

31,

2024

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

regulation.

Loss

carryforwards

may

used

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

Investments

Investment

transactions

other

than

short

term

investments

and

redemptions

kind

for

the

fiscal

period

ended

November

30,

2024

were

follows:

During

the

fiscal

period

ended

November

30,

2024

the

Funds’

redemptions

in-kind

were

follows:

Note

Custodian

Under

agreements

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

credits

for

cash

balances.

For

the

fiscal

period

ended

November

30,

2024

such

reductions

were

follows:

Note

Subsequent

Events

The

Funds

each

declared

distribution

paid

December

19,

2024,

all

shareowners

record

December

18,

2024,

follows:

Developing

World

Fund

Participation

Fund

Cost

investments

$103,255,054

$209,242,147

Gross

tax

unrealized

appreciation

$32,636,780

$543,392

Gross

tax

unrealized

depreciation

$(15,178,783)

$(4,172,155)

Net

tax

unrealized

appreciation

(depreciation)

$17,457,997

$(3,628,763)

Income

Fund

Undistributed

ordinary

income

$192,077

Accumulated

capital

gains

$65,659,553

Tax

accumulated

earnings

$65,851,630

Unrealized

Appreciation

$1,118,258,591

Other

unrealized

accumulated

losses

$(15,220)

Total

accumulated

earnings

$1,184,095,001

Growth

Fund

Undistributed

ordinary

income

$2,822,133

Accumulated

capital

gains

$211,417,587

Tax

accumulated

earnings

$214,239,720

Unrealized

Appreciation

$3,104,854,324

Other

unrealized

accumulated

losses

$(181,729)

Total

accumulated

earnings

$3,318,912,315

Developing

World

Fund

Undistributed

ordinary

income

$674,648

Accumulated

capital

and

other

losses

$(1,864,641

)

Tax

accumulated

earnings

$(1,189,993)

Unrealized

Appreciation

$14,794,601

Other

unrealized

accumulated

losses

$(143,941)

Total

accumulated

earnings

$13,460,667

Participation

Fund

Undistributed

ordinary

income

$(1,870)

Accumulated

capital

and

other

losses

$(7,264,300)

Tax

accumulated

earnings

$(7,266,170)

Unrealized

Depreciation

$(7,584,321)

Total

accumulated

earnings

$(14,850,491)

Developing

World

Fund

Participation

Fund

Short

term

loss

carryforward

$–

$1,366,204

Long

term

loss

carryforward

$927,641

$3,735,846

Total

Capital

loss

carryforward

$927,641

$5,102,050

Post-October

loss

deferral

$937,000

$2,162,249

Total

accumulated

losses

$1,864,641

$7,264,299

Purchases

Sales

100

Income

Fund

$38,855,500

$35,868,099

200

Growth

Fund

$108,940,146

$242,722,819

300

Developing

World

Fund

$2,183,051

$1,382,764

400

Participation

Fund

$25,594,303

$15,610,675

Purchases

Sales

100

Income

Fund

$–

$25,286,992

200

Growth

Fund

$–

$64,746,158

Custodian

Fee

Credits

100

Income

Fund

$43,699

200

Growth

Fund

$123,436

300

Developing

World

Fund

$49,321

400

Participation

Fund

$26,183

Ordinary

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

125

Income

Fund

Investor

(AMANX)

$0.22

$3.157

150

Income

Fund

Institutional

(AMINX

)

$0.36

$3.157

225

Growth

Fund

Investor

(AMAGX)

$3.14377

250

Growth

Fund

Institutional

(AMIGX)

$0.08

$3.14377

325

Developing

World

Fund

Investor

(AMDWX)

$0.077

350

Developing

World

Fund

Institutional

(AMIDX)

$0.105

Participation

Fund

Investor

(AMAPX)

Daily

450

Participation

Fund

Institutional

(AMIPX)

Daily

Note

Federal

Income

Taxes

(continued)

Form

N-CSR

Items

8-11

November

30,

2024

N-CSRS

Item

Changes

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

Directors,

Officers,

and

Others

Open-End

Management

Investment

Companies.

The

Funds’

disclosure

remuneration

items

included

part

the

Financial

Statements

filed

under

Item

this

form.

Item

11.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract.

The

Funds’

Investment

Advisory

Contract

included

part

the

Financial

Statements

filed

under

Item

this

form.

Renewal

Investment

Advisory

Contract

November

30,

2024

N-CSRS

During

their

meeting

September

16,

2024,

the

Trustees

Amana

Mutual

Funds

Trust

(the

“Board”

“Trustees”),

including

the

Independent

Trustees,

discussed

the

continuance

the

Investment

Advisory

and

Administrative

Services

Agreement

between

the

Trust,

behalf

each

Fund,

and

Saturna

Capital

Corporation

(“Saturna”).

The

Trustees

also

considered

Saturna’s

management

wholly

owned

subsidiary

Amana

Participation

Fund

that

invests

the

same

securities

and

assets

which

the

Fund

invests.

evaluating

the

agreements,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

deemed

relevant,

including

the

nature,

quality

and

extent

services

provided,

the

performance

each

Fund,

expenses

and

fees,

the

profitability

Saturna,

the

potential

for

economies

scale

that

may

shared

with

each

Fund

and

its

shareholders

each

Fund’s

assets

grow,

and

any

other

benefits

derived

Saturna

from

its

relationship

with

the

Funds.

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

approve

the

agreements,

and

each

Trustee

may

have

given

different

weights

different

factors,

and,

thus,

each

Trustee

may

have

had

different

basis

for

his

decision.

The

Trustees

considered

Saturna’s

specific

responsibilities

all

aspects

day-to-day

management

the

Funds

well

the

qualifications,

experience

and

responsibilities

the

Funds’

portfolio

managers

and

other

key

personnel

Saturna.

The

Trustees

considered

that

the

Funds

offer

full

range

high-quality

investor

services,

including

unique

services

for

Islamic

investors.

The

Trustees

discussed

Saturna’s

experience,

ability,

and

commitment

quality

service

through

performing

internally

such

functions

shareowner

servicing,

administration,

retirement

plans,

accounting,

marketing,

and

distribution

–

all

addition

investment

management.

The

Trustees

took

into

consideration

Saturna’s

continued

avoidance

significant

operational

and

regulatory

compliance

problems,

plus

its

continued

investments

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

meet

investor

needs

with

high

quality

services.

They

recognized

Saturna’s

efforts

recruit

and

retain

qualified,

experienced,

and

specialized

staff

and

improve

the

capital

base

which

Saturna

operates,

which

the

Trustees

believe

important

the

long-term

success

the

Funds.

The

Trustees

recognized

Saturna’s

focus

investors

and

its

efforts

avoid

conflicts

interest.

The

Trustees

considered

the

investment

performance

each

Fund

over

time,

including

comparative

information

from

Morningstar,

Inc.

(“Morningstar”),

which

provides

independent

analysis

mutual

fund

data

and,

among

other

things,

ranks

mutual

fund

performance

within

category

for

the

one-,

three-,

five-,

ten-,

and

fifteen-year

periods,

applicable,

and

the

Morningstar

rankings

(one

through

five

stars)

for

the

three-,

five-,

and

ten-year

periods,

applicable,

ended

July

31,

2024.

The

Trustees

also

noted

the

favorable

sustainability

rating

assigned

Morningstar

the

Amana

Growth

Fund

(five

out

five),

Amana

Income

Fund

(four

out

five),

and

Amana

Developing

World

Fund

(four

out

five).

The

Trustees

considered

the

short-,

medium-,

and

long-term

investment

performance

Amana

Income

Fund,

Amana

Growth

Fund,

and

Amana

Developing

World

Fund,

and

the

short-term

and

medium-term

performance

Amana

Participation

Fund,

each

relative

their

Morningstar

categories,

and

noted

that

the

Funds

were

managed

for

the

long

term.

The

Trustees

noted

that

the

short-

term

and

long-term

performance

Amana

Income

Fund

was

the

fourth

quartile

its

Morningstar

category

for

the

one-,

ten-

and

fifteen-year

periods

and

its

medium-term

performance

was

the

third

quartile

for

the

three-and

five-year

periods.

The

Trustees

noted

that

the

short-term

performance

the

Amana

Growth

Fund

was

the

third

quartile

its

Morningstar

category

for

the

one-year

period,

its

medium-

and

long-term

investment

performance

was

the

first

quartile

its

Morningstar

category

for

the

three-,

five-,

and

ten-year

periods,

and

the

second

quartile

for

the

fifteen-year

periods.

The

Trustees

noted

that

both

the

short-

and

medium-term

performance

the

Amana

Developing

World

Fund

was

the

first

quartile

its

Morningstar

category

for

the

one-,

three-

and

five-year

periods,

and

the

Fund’s

long-term

performance

was

the

second

quartile

for

the

ten-year

period.

The

Trustees

noted

that

the

Amana

Participation

Fund’s

performance

was

the

fourth

quartile

its

Morningstar

category

for

the

one-year

period

and

the

second

quartile

for

the

three-

and

five-year

periods.

The

Trustees

noted

the

risk-averse

investment

style

used

Saturna

manage

the

Funds

and

considered

other

factors

that

can

affect

Fund’s

performance

relative

the

Fund’s

broader

Morningstar

categories.

evaluating

such

performance

data,

the

Trustees

noted

that

Islamic

investment

restrictions

which

the

Funds

adhere

increase

Saturna’s

research

expenses

and

obligations

and

impose

constraints

Saturna’s

selection

the

Funds’

portfolio

investments

that

impact

performance.

The

Trustees

found

that

Saturna

continued

manage

the

Funds

manner

that

designed

acceptable

Islamic

investors

and

that

the

risk

averse

approach

also

attractive

non-

Islamic

long-term

investors.

The

Trustees

noted

Saturna’s

decades

dedicated

service

provided

Amana

Mutual

Fund

Trust

and

its

shareowners.

Recognizing

the

investment

mandates

the

Funds,

the

Trustees

also

considered

the

performance

the

Funds

compared

limited

group

other

funds

with

similar

investment

objectives

and

strategies,

including

faith-based

managed

funds,

and

with

range

asset

sizes.

The

Trustees

considered

these

comparative

performance

data,

along

with

the

comparative

data

published

Morningstar,

well

each

Fund’s

performance

relative

its

benchmark,

evaluate

each

Fund’s

performance

over

near-term

and

long-term

time

periods,

applicable.

When

evaluating

the

Funds’

performance

record,

the

Board

noted

that

relative

performance

comparisons,

especially

over

limited

periods

time,

only

one

the

factors

that

deems

relevant

its

consideration

each

Fund’s

agreement.

The

Board

noted

that,

after

considering

all

relevant

factors,

may

appropriate

approve

the

continuation

the

agreement

notwithstanding

Fund’s

underperformance

relative

its

Morningstar

peer

group

during

certain

periods.

The

Trustees

also

reviewed

the

fees

and

expenses

the

Funds

and

considered

the

components

each

Fund’s

operating

expenses.

The

Trustees

noted

that

the

net

expense

ratios

for

both

classes

Amana

Developing

World

Fund

and

Amana

Participation

Fund

were

below

their

respective

Morningstar

category

average

net

expense

ratios,

was

the

Institutional

class

Amana

Growth

Fund.

The

Trustees

also

considered

that

the

net

expense

ratio

for

the

Investor

class

Amana

Growth

Fund

and

both

classes

Amana

Income

Fund

were

above

their

Morningstar

category

average

net

expense

ratio.

The

Trustees

also

noted

that,

effective

Renewal

Investment

Advisory

Contract

(continued)

November

30,

2024

N-CSRS

2019,

Saturna

agreed

reduce

the

breakpoints

the

investment

advisory

fee

for

Amana

Income

Fund,

Amana

Growth

Fund,

and

Amana

Developing

World

Fund,

five

basis

points

each

asset

level,

and

effective

December

2020,

Saturna

had

agreed

further

reduction

the

advisory

fee

breakpoints

for

these

Funds

higher

asset

levels

excess

billion.

The

Trustees

noted

that

these

actions

had

either

lowered

the

Funds’

advisory

fees

were

expected

lower

the

Funds’

advisory

fees

higher

asset

levels.

light

the

services

provided

Saturna,

the

Trustees

found

each

Fund’s

advisory

fee

structure

and

expense

ratios

reasonable

given

the

size

each

Fund,

the

services

provided,

and

the

expenses

incurred

the

adviser.

They

noted

the

significant

sponsorship

the

Funds

Saturna

evidenced,

part,

the

amount

fees

and

expenses

paid

Saturna

out

its

own

resources

brokerage

platforms

and

similar

unaffiliated

intermediaries.

The

Trustees

noted

that

the

expenses

imposed

intermediaries

are

often

borne

funds

and

the

Trustees

appreciated

that

Saturna’s

efforts

help

make

the

Funds

widely

available

and

otherwise

less

expensive

had

the

Funds

borne

these

expenses.

The

Trustees

recognized

that

the

competitive

performance

record

Amana

Income

Fund

and

Amana

Growth

Fund

over

the

long

term

had

likely

contributed

their

asset

size,

which

over

time

has

resulted

lower

expense

ratios

due

overall

costs

being

spread

over

larger

asset

base.

The

Trustees

reviewed

Saturna’s

financial

information

and

discussed

the

issue

Saturna’s

profitability

its

management

and

administration

the

Funds.

They

discussed

the

reasonableness

Saturna’s

profitability

with

respect

each

the

Funds

part

their

evaluation

whether

the

advisory

fees

bear

reasonable

relationship

the

mix

services

provided

Saturna,

including

the

nature,

extent,

and

quality

such

services.

The

Trustees

considered

the

extent

which

advisory

fees

paid

Saturna

reflect

economies

scale.

The

Trustees

considered

the

fact

that

fee

breakpoints

lower

the

operating

expenses

and

expense

ratios

the

Funds

assets

grow

and

demonstrate

the

benefits

economies

scale

are

being

shared

with

shareowners.

this

connection,

the

Board

noted

that

the

investment

advisory

fee

rate

schedules

for

each

Fund

other

than

the

Amana

Participation

Fund

include

breakpoints

that

reduce

the

fee

rate

Fund

assets

increase

above

certain

levels,

and

that

Saturna

had

agreed,

2019

and

2020,

reduce

the

breakpoints

the

investment

advisory

fee

for

Amana

Income

Fund,

Amana

Growth

Fund

and

Amana

Developing

World

Fund

described

above.

With

respect

the

Amana

Participation

Fund,

the

Board

determined

that

the

investment

advisory

fees

are

reasonable

and

appropriate

and

that

breakpoints

the

fee

schedule

are

unnecessary

based

the

current

level

the

Fund’s

assets

and

the

level

its

fees

and

expenses

compared

peers.

The

Trustees

considered

and

compared

the

fees

charged

Saturna

other

types

advisory

accounts

for

which

Saturna

serves

investment

adviser,

including

non-mutual

fund

advisory

clients

and

individual

advisory

clients.

The

Trustees

noted

the

significant

differences

between

the

full

range

services

Saturna

provides

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

compared

the

investment

advisory

services

provided

the

other

advisory

accounts.

The

Trustees

also

considered

how

the

various

services

provided

those

other

accounts,

which

include

Saturna’s

investment

management,

research,

and

customer

service

operations

performed

for

those

accounts,

benefit

the

Funds.

The

Trustees

considered

potential

benefits

Saturna

and

its

other

businesses

from

acting

investment

adviser

for

the

Funds,

but

also

noted

that

Saturna’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

soft

dollar

arrangements

with

respect

trading

the

Funds’

portfolios

and

that

Saturna’s

affiliated

broker,

Saturna

Brokerage

Services,

voluntarily

waives

brokerage

commissions

for

executing

each

Fund’s

portfolio

transactions,

resulting

lower

transaction

costs

for

the

Funds.

The

Trustees

concluded

that

the

fees

paid

each

Fund

Saturna

were,

from

arm’s-length

bargaining

perspective,

reasonable

and

the

best

interest

the

Fund

and

its

shareowners

light

the

services

provided,

comparative

performance,

expense

and

advisory

fee

information,

costs

services

provided,

profits

realized,

and

benefits

derived

Saturna

from

its

relationship

with

the

Funds.

Following

this

discussion,

the

Trustees

unanimously

agreed,

based

their

business

judgment,

renew

the

Investment

Advisory

and

Administrative

Services

Agreements

with

respect

Amana

Income

Fund,

Amana

Growth

Fund,

Amana

Developing

World

Fund,

and

Amana

Participation

Fund.

November

30,

2024

N-CSRS

Availability

Quarterly

Portfolio

Information

(1)

The

Amana

Funds

file

complete

schedules

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

their

reports

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

the

SEC’s

website

www.sec.gov.

(3)

The

Funds

post

complete

schedule

portfolio

holdings

after

the

end

each

month

available

www.amanafunds.com.

Privacy

Statement

Saturna

Capital

and

the

Amana

Mutual

Funds

Trust,

understand

the

importance

maintaining

the

privacy

your

financial

information.

want

assure

you

that

protect

the

confidentiality

any

personal

information

that

you

with

us.

addition,

not

sell

information

about

our

current

former

customers.

the

course

our

relationship,

gather

certain

non-public

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

not

disclose

your

information

unaffiliated

third

parties

unless

necessary

process

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

required

law.

When

disclose

information

unaffiliated

third

parties,

require

contract

restrict

the

companies’

use

customer

information

and

from

sharing

using

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

may

information

within

the

Saturna

Capital

family

companies

the

course

informing

you

about

products

services

that

may

address

your

investing

needs.

maintain

our

own

technology

resources

minimize

the

need

for

any

third-party

services,

and

restrict

access

information

within

Saturna.

maintain

physical,

electronic,

and

procedural

safeguards

guard

your

personal

information.

you

have

any

questions

concerns

about

the

security

privacy

your

information

please

call

1-800-728-8762.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS, as applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item16. Controls and Procedures

a. The Registrant’s President and Treasurer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

b. There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Not applicable.

(a)(3) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMANA MUTUAL FUNDS TRUST

/s/Jane K. Carten , Vice President

Signature and Title

Jane K. Carten, Vice President

Printed name and Title

September 11, 2025

Date

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Jane K. Carten , Vice President

Signature and Title

Jane K. Carten, Vice President

Printed name and Title

September 11, 2025

Date

By:

/s/Christopher Fankhauser , Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title